A sales ledger is a letter of introduction from a company that wishes to participate in a merger or sale for whatever reason. Its content is not regulated, so there are those that contain more or less information about financial statements, projects, market share or the industry in which it operates. And they are not public: their content is confidential – supposedly Promotion or with a blind profile, even the name of the company for sale can be hidden and sent to a surgically selected group of buyers. sales notebook New Pescanova It’s been in circulation for weeks and its content matches three potential buyersAs developed by FARO DE VIGO from the Prensa Ibérica group: Cooke Inc. (Canada), Red Chamber (USA) and owner Iberconsa from Vigo private equity American Platinum. The latter is the preferred option; At Teis, they are making preliminary preparations that they will need to manage a registry integration. “We have to get this right,” say sources close to this group. It will be in formal negotiation when all unfinished business, economic and institutional, will have to be tied up that will predictably illuminate Spain’s largest fishing industry.
Nueva Pescanova will close the fiscal year on March 31, when the figures currently on the table are pro forma. different yet Industry sources agree that the fishing company’s profitability has fallen over the past year.Up to around 20 million after reaching an EBITDA of 80 million Euros in 2021. This indicator is the indicator that normally acts as a reference to determine the price in a trade with these characteristics. In other words, the 512 million Euros that Iberconsa was sold to Platinum in 2019 will not be reached (close to 350 million excluding net corporate debt). However, and to crystallize, It represents an absolute paradigm shift in Galician and Spanish industryWith a billing capacity of more than 1,400 million euros, the group is in complete hegemony with more than a hundred ships and most fleet segments in Argentina and Namibia. With Pescanova, a brand that is not bothered by past events, and a group that largely bets on its own (Nós) but also adapts to the needs of large retail distribution chains.
Third of Teis firm in Mauritania “Portomayor”
Octopus fishing in Mauritania has been one of the biggest bets for Galician fishing in recent years, with the entry of fishing boats such as Tazadit, Alpha Peche, Loureiro Beach or Areamilla Beach. Along with Pescapuerta or Pereira, Iberconsa was one of the groups that made this attack. It has added yet another alliance with local Rimbal Pêche, as confirmed by FARO. This is the 35.5 meter long Portomayor trawler, as it appears in European Commission records, that has been officially exported to 15 North African countries. It already has the flag of Mauritania. Led by Alberto Freire, the group now has three units in this fishing area with Rimbal 4 and Rimbal 5. Portomayor was built in 1988 with a gross tonnage of 416 tons.
persons
With Abanca’s final choice, an arranged communication (not public) to start formal negotiations will proceed, and Nueva Pescanova will have to show her courage to prepare for a negotiation. due diligence. Whatever the nature of the final buyer, the integration of the fishing company will be very complex. As sources familiar with the negotiations point out, Platinum’s dome has been in Spain recently.and there were several meetings in Madrid. Alberto Encinas, managing director of Iberconsa from Grupo Calvo, private equity Join hands with the American and CEO Alberto Freire. With assets under management amounting to €33,400 million, Platinum may have a legion adviser to run this operation.. In addition to financial concerns and synergies, the symbolic component of Nueva Pescanova will also complicate these negotiations. And, of course, hypocrisy, especially regarding headquarters, processing facilities, logistics, or quotas.
Canadian Cooke did not leave the process officially, but started its second major inorganic growth operation in less than three months. Added to the €1,100m acquisition of Tassal from Australia, the largest in its history, is that of Slade Gorton, now one of the main frozen fish marketers in the United States. Whatever happens to Nueva Pescanova, both Cooke and Red Chambers will forever have a small root in the Vigo industry. Creates a first clam at Armón Vigo – the dredger fishing vessel – for its subsidiary Wanchese Argentina; the latter is a tangonero baptized – in his case at Armón Gijón – with the participation of his Galician auxiliaries. Queen of Patagonia.
EBITDA factor
Nueva Pescanova’s profitability has suffered in the last fiscal year and after reaching 80 million last year. Ebitdta is the benchmark indicator for setting price on a trade.
Cooke’s Shopping
The first party that emerged as an interested party has just completed the acquisition of Slade Gorton. In November, Operation Tassal, an operation worth 1,100m euros, closed.