The head of one of the largest frozen fish merchants in Vigo turns on the computer. In your email inbox you will find the following message: “We are a company specializing in M&A. [fusiones y adquisiciones, mergers and acquisitions en inglés]. We have investors interested in the frozen sector and the group fits exactly the profile our investors are looking for. We would like to meet with you to make various suggestions that we would recommend you to listen to.” In just ten lines, this businessman received a buyout offer for his company, which has a history of more than forty years, which amounts to around 90 million euros per year. Sending a mutual fund or private equitybut what is known in the financial industry shopping centre. “They offer this kind of transaction, like a broker. They dedicate themselves to it and go. fire” indicates an expert advisor. Most of the ten Galician firms in this sector that FARO consulted have received a similar offer in recent months. “They are on the agenda with millions of people. It is an activity for the future”.
They are consistently cash-generating businesses, and as the CEO of another of the companies tested puts it, “when it comes to fishing or aquaculture, rights to controlled and non-limited resources gain so much value to the extent that they are getting more and more difficult to obtain organically. Minerals. inorganic growth – acquisition of companies with fleets – as extraction rights are limited It is virtually the only option for growing volumes, securing access to resources, verticalizing production processes and increasing profitability.. Expected to be completed in mid-June, Cooke Inc. and massive operations like Nueva Pescanova underlie a distinctive ecosystem for such negotiations. Even with the explosion of international pension funds. In this case, your interest is debt. “Imagine an operation where one operator is considering buying another. These people buy a ten-year bond and finance the operation,” the consultant continues, thus considering an alternative mechanism to traditional banking. As this newspaper can attest, such funds have already applied to enter Galicia’s frozen fishing industry..
“Yes, a contact was made through a lawyer, but no progress was made after that initial moment,” recalls another businessman who was consulted and who served as export director. Due to the type of company he works for, “not an option currently being considered.” But he confirms that they have “contacted with other companies”. The reality is that the profile of these mostly family-owned companies closes the door for approaches of this nature. “We don’t have open doors and so there’s no talk about it,” says a company in the Vigo region. To date, the availability of funds and private equity still low among top marketers. If it is concluded, Nueva Pescanova will be delivered. due diligence (audit) satisfactory from a Canadian holding company focused on marine protein. Iberconsa has been a pioneer in this regard, allowing first Portobello Capital and later Platinum Equity to enter the North American capital. Team talks Alberto Freire And Alberto Encinas For the integration of Mascato – from Chapela they are bidding all the way for the multinational – they are stuck in the middle. stand by. Now.
Included in this category are groups like Discefa, which has been held by venture capital fund GED since mid-2016 and is headquartered in A Coruña’s Cambre council. It closed the fiscal year 2021 with sales of 83 million euros. GED went so far as to hire PwC consulting to soften the transfer, but later dismissed the possibility of a divestment. As FARO can confirm from various industry sources, the option to sell was once again on the table; Galician fishing companies were offered this transaction. A private equity It is also the owner of Unión Martín, a Mercadona fish distributor since 2018. This is Alantra, which last year signed off on the acquisition of Silomar, another operator in the industry that provides a factory for volumes and products. Now in a scenario similar to Discefa’s. Two other companies, one in Galicia, with a turnover of just over 70 million, are also looking for buyers, although they are in the hands of the founding entrepreneurs or their families.
keys
reason for “no”
“We have received such communications and letters—referring to the email cited at the beginning of this information, which another CEO says consulted—from different companies of the group, colleagues, and collaborators. An agent also contacted us directly. This is normal.” According to him, “transactions are difficult to execute because the reasoning the potential buyer is making is similar to what the current property is capable of. Thus, in the case of family businesses, there is usually not much reason for them to arise, except in extraordinary circumstances, such as generational reasons or when there is indeed a growth plan for sales from an earlier stage. Neither one nor the other is our case, and that’s why we keep rowing every day.” In the absence of consolidated data corresponding to 2022, the largest Galician operators (19 in total) with which this newspaper contacted in the previous year comfortably exceeded 4,500 million euros in business volume. All have improved their pre-COVID records.
Arab capital also bid for Nueva Pescanova
When a company the size of Nueva Pescanova is put up for sale, so-called blind teaser. A report that identifies a company that is looking for a buyer but performed the initial scan without providing data to help identify it. As the process progressed—Abanca relied on Rothschild to identify a “trading partner” for the fishery— giving an offerincludes the maximum amount payable or withdrawal of applicants. In one of these stages, In addition to Arab equity funds Iberconsa (Platinum) and Cooke Inc., owner of Red Chamber, he is also involved in the Chapela group. Also, according to what FARO learned, there is a company in the sector based in Japan..
Two investment companies with Arab capital, owned by Avramar Seafood, which grows sea bass, sea bass and sea bream in Spain, one of the leading seafood producers in the Mediterranean. This is Abu Dhabi’s sovereign wealth fund, Mubadala, which manages a portfolio of more than $230,000 million, allied with the United States on this project. private equity American Amerra Capital Management. Avramar was launched in January 2021 as a result of the merger of Andromeda Group, Nireus, Selonda and Perseus. Japan is home to the world’s largest marine protein marketing groups. In addition to the leader Maruha Nichiro, at the top is Nissui (formerly Nippon Suisan Kaisha).