Cooke seals $500m fishmeal purchase
THE Canadian fish farming and seafood company Cooke Aquaculture has acquired Texas based fish oil and fishmeal producer Omega Protein in a deal worth around US $500 million.
A statement said the purchase was negotiated through its parent company, Cooke Inc, and has been unanimously approved by the boards of both companies, although it may not be completed until the end of the year or even early 2018.
Glenn Cooke, CEO of Cooke, said: ‘We are very pleased to sign this agreement with Omega Protein, which will provide us with another platform in Cooke’s growth strategy through further diversification in the supply side of the business.
‘We believe this will be a very good fit between our two cultures. Omega Protein has a 100-year history with an experienced and dedicated workforce, which we value, and a tradition of operating in small, coastal towns and communities that we share.
‘Their focus on sustainable aquaculture and agriculture and the production of healthy food is also a great fit with our experience and culture.’
Bret Scholtes, president and CEO of Omega Protein, said: ‘We are excited about the agreement, which we believe recognises the value of Omega Protein’s successful, 100-year-old fishing business and also provides stockholders with an immediate premium.
‘Cooke is a family owned company and, in many ways, reminds us a lot of ourselves and this agreement is the perfect fit for the two companies. Cooke is a highly regarded and responsible leader in the global fishing and seafood industry.’
Omega Protein is mainly engaged in harvesting menhaden fish, and has seven manufacturing facilities in the US, Canada, and Europe, and owns more than 30 fishing vessels.
The New Brunswick, Canada, based Cooke family has salmon farming operations in Atlantic Canada, the US (in Maine and Washington), Chile and Scotland.