A sales ledger serves as a brokered introduction from a company seeking participation in a merger or sale for various reasons. Its content is not standardized, so some versions include more or less detail about financial statements, projects, market share, or the industry in which it operates. These letters are private, kept confidential and typically sent to a carefully chosen group of potential buyers with some form of blind profile or with the company name hidden. A circulated version linked to Nueva Pescanova has circulated for weeks and has reportedly attracted three potential buyers. Reported by a regional newspaper citing the Prensa Ibérica group, the suitors include Cooke Inc. in Canada, Red Chambers in the United States, and Iberconsa from Vigo, backed by American private equity Platinum. Platinum is described as the leading option in discussions. Preparations in Teis focus on the administrative steps needed to coordinate a registry integration. Sources close to the group emphasize the importance of getting this aspect right. Formal negotiations are expected to begin once remaining financial and institutional issues are resolved, aiming to illuminate Spain’s largest fishing sector.
Nueva Pescanova is slated to close its fiscal year on March 31, with current figures presented on a pro forma basis. Industry insiders agree that the fishing company’s profitability has declined over the past year, with EBITDA likely around 20 million after reaching 80 million euros in 2021. EBITDA serves as a common benchmark for pricing in deals of this nature. In other words, the 512 million euros paid by Iberconsa to Platinum in 2019 is unlikely to be matched, with estimates closer to 350 million before net debt considerations. Still, the move marks a clear shift for Galician and Spanish industry, given a billing capacity exceeding 1.4 billion euros and a fleet exceeding a hundred vessels spread across Argentina and Namibia. Nueva Pescanova remains a strong brand, not hindered by past events, while the group prioritizes a strategy that balances internal development with the needs of large retail distributors.
Portfolios in Mauritania under the Teis firm are central to growth plans, with Portomayor representing a key asset in the region. Octopus fishing in Mauritania has emerged as a major bet for Galician fishing interests in recent years, welcoming vessels such as Tazadit, Alpha Peche, Loureiro Beach, and Areamilla Beach. Alongside Pescapuerta and Pereira, Iberconsa joined this drive and formed new ties with local operator Rimbal Pêche, according to reports from FARO. Portomayor, a 35.5 meter trawler listed in European Commission records, has been officially exported to 15 North African markets and now flies the Mauritanian flag. Led by Alberto Freire, the group now operates three units in this area, including Rimbal 4 and Rimbal 5. Built in 1988, Portomayor displaces 416 gross tons.
persons
With Abanca’s eventual selection, a discreet process will begin to formalize negotiations, and Nueva Pescanova will need to demonstrate resolve in preparation for due diligence. Regardless of the eventual buyer, the integration of the fishing company promises to be highly complex. People familiar with the talks note that Platinum’s leadership has spent recent days in Spain, including multiple meetings in Madrid. Alberto Encinas, managing director of Iberconsa from Grupo Calvo, has joined forces with the American investor and CEO Alberto Freire. With assets under management totaling about €33.4 billion, Platinum is likely to engage a seasoned adviser to oversee the operation. Beyond financial factors and potential synergies, the symbolic dimension of Nueva Pescanova will add another layer of negotiation, including considerations about headquarters, processing facilities, logistics, and quota allocations.
Canadian company Cooke has not formally withdrawn from the process, but has launched its second major inorganic growth push in under three months. Following the €1.1 billion Tassal acquisition from Australia, Cooke has expanded further with Slade Gorton, now a major player among frozen fish marketers in the United States. Whatever the outcome for Nueva Pescanova, both Cooke and Red Chamber will retain a foothold in Vigo’s seafood landscape. A new operation has opened at Armón Vigo, involving its subsidiary Wanchese Argentina, with the Tongan vessel Queen of Patagonia being among the vessels connected to the Galician operations.
EBITDA as a metric
Nueva Pescanova’s profitability declined in the most recent fiscal year, after an EBITDA level around 80 million in the prior period. EBITDA remains a standard reference for setting price in this type of trade.
Cooke’s latest move
The first party to emerge as a contender has recently completed the purchase of Slade Gorton. In November, the Tassal deal, valued at about €1.1 billion, was finalized.