Abanca’s president, Juan Carlos Escotet, spoke this morning about the intricate liquidation process surrounding the multinational Nueva Pescanova. Abanca holds a substantial stake in the company, accounting for roughly 98 percent of its capital, and Escotet referenced a strategy aligned with the approach traditionally used by Cooke Inc. The remarks came during the Vigo Global Summit, an event organized by Zona Franca, where there was no pressure to rush into formalizing any sale. The message was clear: patience can protect value, and in this case, timing matters just as much as the price. “Don’t rush” was the refrain that settled over the room as observers weighed the next steps in a negotiation that could reshape leadership in the global seafood sector.
Escotet underscored Abanca’s stance against breaking up the ownership by selling assets in parts, a move that some funds may have preferred. He argued that fragmenting the stake could erode the very essence of the enterprise and diminish its long-term strategic advantages. In his view, the organization possesses a valuable asset, a kind of treasure, that should be managed with care to preserve the company’s core strengths and the jobs it supports. This insistence on maintaining unity contrasts with pressures from certain financial intermediaries who favor rapid divestment to unlock liquidity.
Last April, Abanca and Cooke reached a tentative agreement concerning the sale of Nueva Pescanova. The holding firm, founded in New Brunswick, presently controls about 80 percent of the group’s capital, while Abanca owns around 20 percent. Reports from the time indicated that negotiations had been influenced by early disclosures from media outlets such as Faro de Vigo, a local publication associated with Prensa Ibérica, which highlighted the evolving discussions with this American partner. The eventual direction of the bids appeared to favor the interests of the Red Chamber’s contenders and Iberconsa, though the final outcome depended on a broader reassessment of strategic goals and potential synergies with a leading family-owned marine protein company.
In subsequent statements, Abanca announced that negotiations would proceed with an exclusive sales process for a not publicly disclosed amount. The organization conveyed that the coming weeks would see the usual steps for this type of transaction, with the objective of securing a majority stake in Nueva Pescanova by one of the world’s leading family-owned seafood protein companies. Escotet emphasized that he would not concede to a rushed timetable, signaling a deliberate approach that prioritizes long-term value and strategic fit over speed. The aim, as described, is to ensure a stable transition that guards the structure and regional footprint of the business, while leveraging the expertise of an established industry player.
This negotiated framework also helped maintain the company’s lawful registered presence in Galicia, reinforcing the region’s importance to the Pescanova group’s identity and operational base. The close coordination between Abanca and its partners across North America and Europe reflects a broader trend in food-production sectors where cross-border collaboration and patient capital are used to navigate complex reorganizations, regulatory considerations, and the dynamics of global markets. The emphasis on safeguarding local governance structures and maintaining employment signals a balanced approach that attempts to serve both shareholder interests and regional economic stability.
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