The fleet from the Galician capital, active in Malvinas waters, has completed its campaign. One vessel, capable of carrying more than 2,500 GT, has already secured buyers for its catches just after unloading at Vigo. The market remains buoyant and highly competitive, with operators across the industry confirming that prices are elevated and transactions occur at wide-ranging levels. This dynamic provides a sharp leverage for producers at origin and for intermediaries worldwide, given lower energy costs and the ability of global buyers to acquire raw materials at varied values.
A wave of demand linked to the COVID-19 recovery continues to shape markets. The food service sector and portions of the retail trade, especially those catering to large gatherings, faced months of disruption. The main drivers behind a strong annual performance for Galician fishing players are a post-pandemic rebound, robust global demand, and record prices. Industry data show 19 groups reporting turnover comfortably above €4.5 billion, with most players surpassing their pre-pandemic results and strengthening their market positions.
incubation
The most notable growth has been at Grupo Profand. With €660 million in sales during the peak pandemic year, the company led by Enrique García Chillón was approaching €800 million. Its shareholders now count Corporación Financiera Alba among its backers, owning more than 23% of the capital and recently injecting €100 million. This marked a pioneering move for an industry rooted in family ownership, as venture capital interest has become more common in recent years. Profand also expanded into aquaculture by acquiring the Greek Kefalonia, setting a European benchmark for trout in Galicia and expanding into sea bass and sea bream.
Platinum, a private equity player, holds a controlling stake in Grupo Iberconsa, which also partners with Portobello. The CEO, Alberto Freire, outlines a strategy focused on turning raw materials from the fleet into value added through third-party channels. Iberconsa’s turnover has surpassed €400 million, and the group has become a global leader in frozen hake and Argentine shrimp aboard ships. The plan emphasizes boosting fleet production efficiency with new vessels and upgrades to existing units, advancing industrial projects in Argentina and South Africa, expanding international retail presence, and developing ready-to-cook product lines.
Profand and Iberconsa have consistently led revenue and tonnage, with Nueva Pescanova often sandwiched in the podium. Nueva Pescanova, controlled by Abanca, breached the €1,000 million sales mark, recovering from earlier losses and surpassing 2019 revenues. The reshaping of Abanca’s capital structure is viewed as a pivotal moment for the sector, with analysts noting that no Spanish firm is positioned to submit a rival bid. Industry leaders such as Ángel Martínez Varela of Fandicosta and Luis Cabaleiro of Interatlantic have long attracted attention from mutual funds and institutional investors.
Other strategies
Pescapuerta aims to preserve its family legacy while remaining a constant reference for the industry. Its growth has avoided dilution through inorganic mergers, staying focused on optimizing commercial and distribution activities across national and international markets, with a strong emphasis on nationwide reach. The company reports close to €300 million in consolidated turnover after a €283 million year in 2021 and has expanded its capacity in Mauritania by adding a new freezing vessel. Grupo Pereira stands out as a pivotal player in Galician industrial fisheries, with Argos Pereira gearing up for a new propulsion system to replace the main engine. To curb energy costs, the group plans photovoltaic installations at its Pazos de Borbén facilities, with initial gains in productive capacity. Led by José Enrique Pereira, the group posted €168.5 million in turnover.
Concerns over fixed energy costs are guiding investments across Fandicosta and Marfrío’s plants in Moaña, Marín, and Vila Nova de Cerveira with solar panels. The industry faces ongoing pressure to keep fleets active in Senegal, where costs rose by over 50% of total expenditure, according to Vieirasa president Eduardo Vieira. Directors note that the final quarter could bring more energy-focused projects. In Fandicosta, the first solar phase reduced the Domaio factory’s electricity use by about 15 percent, contributing to savings alongside additional refrigeration capacity in Vigo. The company reports a continued push to exceed catch records in Argentina, supported by a second jigger operating at full capacity and a consolidated turnover of €257.5 million.
Cabomar is among a select trio exceeding the €100 million revenue level in 2021, joining Interatlantic Fish Trader. Cabomar is evaluating Marín factory expansion with new processing lines, as explained by president Enrique Freire. The market remains a central challenge, with expectations that post-summer consumption may dampen demand. Frioantartic is poised to join the €100 million club with €97 million in sales last year, while Lanzal posted €122 million, a 33% increase over pre-pandemic volumes.
Other companies have crossed the €100 million threshold as well, including Wofco, Atunlo (owned by Comercial Pernas, Pevasa, and Inpesca), and Pernas, which are accelerating toward €250 million. Congelados Maravilla recently completed its first inorganic expansion outside Spain, targeting a year-end result near €80 million. Led by Giuseppe Mellino, the firm has generated more than €63 million in invoiced revenue from more than 8,000 tons, capitalizing on species such as octopus that attract strong demand.