Cooke seals $500m fish­meal pur­chase

Fish Farmer - - News -

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.

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