At different times since its founding (June 1960) there have been many groups trying to take control of Pescanova. It’s always used to shopping (Copiba, Pescafina, Promarisco or Krustanord), not to ‘suffer’ them in their own meat. In the mid-nineties, as a result of an operation directly paralyzed by Manuel Fraga and a public check for 7,000 million of the missing pesetas, the fishing industry was about to fall into foreign hands, so it was left in a barrage led by Unilever. blank shells The fishing company remained in Galicia and despite its financial strength, it has continued to grow since then, expanding and integrating new branches. Of course, almost nothing remained of the leading transactions to which Pescanova was accustomed after 2013, when she entered a ‘macro contest’ that would leave her in the hands of her creditors. That’s how it is today, almost 98% of it is under Abanca’s control. Ten years after he went bankrupt, his internship at his shareholding ends. And it may be in the company of another company than Vigo: Grupo Iberconsa is shortlisted strongly and will be able to close the deal “next week”, as FARO can verify. Iberconsa is owned by North American giant Platinum Equity, a fund with more than €33,400 million in assets under management.
This is the third way Iberconsa’s owner, Juan Carlos Escotet’s team, has worked with Rothschild’s recommendation for the “soon” liquidation of most of the capital. A reduction that would leave Nueva Pescanova’s future participation below 50% while also allowing the fishing company to remove its liabilities from its balance sheet. Other sources in the industry, assuming that Platinum company will leave its other two competitors without a choice, confirm, “Operation is actually ready”: Canadian Cooke Inc. and the American Red Chamber. To FARO’s questions, neither the financial institution nor the American fund, which was founded by billionaire Tom Gores, who also owns the Detroit Pistons NBA basketball team, did not want to make an assessment of these negotiations. If it crystallizes, both firms will add more than €1,700 million in assets; In the last consolidated financial year, they invoiced a total of 1,600 million euros and also reached EBITDA of 140 million (at the end of 2021).
This third way is what Pescanova misses her property., to have the group safely anchored in Galicia. A separate issue is the hypocrisies that arise not only in Spain, but also through synergies and integration. In addition to manufacturing operations in Chapela, O Porriño, Arteixo, Paterna and Catarroja, Pescanova has head offices, cold logistics (now outsourced), agricultural facilities in Xove, an R&D research center in O Grove and Las Palmas’ There is a dense octopus farm in the project. de Gran Canaria. Iberconsa has a machined factory (Bouzas) on Spanish territory, a large refrigerated logistics force (Frigalsa and Protea) and a ‘headquarters’ (Teis). Both also have penetration in a large part of the big ‘retail’ companies. A corporate operation with these characteristics will result in a shipowner with more than 110 ships in a partially refurbished fleet, but with legacy units still in Namibia or Argentina.
Its presence in these two countries is very strong. When it comes to African fish, most of Pescanova’s operations are conducted in the port of Lüderitz, at a factory supplied by freshwater vessels and another factory specializing in already frozen catches in Walvis Bay. A dozen Iberconsa vessels in the Namibian fishing area operate at the second berth with renewed quotas through 2027. Iberconsa is the world leader in frozen hailfish caught in both Namibia and Argentina., is also a leader in shrimp fishing. If this acquisition is completed, Platinum will take over the leadership in mining capacity of the Latin American fisheries area. And ‘private equity’ would be the scene of the second largest operation in the history of this sector in Spain for the second time, given that Iberconsa’s latest transfer – not counting debts – was made for 512m euros. In the ‘pending’ situation, ‘for the time being’, the purchase options, again from Vigo to Mascato, where no final agreement could be reached, impressed actors familiar with the contacts.
Making the property of Iberconsa with Nueva Pescanova Won’t leave Cooke or Red Chamber empty-handed. The first announced last week the acquisition of North American Slade Gordon, one of the main references in the country for frozen fish. The second is in the process of organic expansion in Armón (“Patagonia Queen”), with a ship still under construction in Argentina.