In a notable turn of events, the control of Spain’s largest fishing group is moving toward North American leadership, with a major shift taking shape in Canada and the United States market. A New Brunswick based holding company is set to take on a dominant stake, signaling a reshaping of ownership in the global seafood sector. Reports confirm that 80 percent of Nueva Pescanova’s capital would be held by Cooke Inc., a family-owned marine protein champion listed among the world’s most influential in the industry. The move comes after Abanca, the Galician bank, communicated a clear intention to negotiate a sale with exclusivity as the process advances toward a binding agreement. The intent, as stated by the lender, is to secure Nueva Pescanova under the wing of a leading marine protein conglomerate while preserving the group’s roots and organizational core in Galicia.
The term reference was used in March during a formal presentation about a promissory note issued under the Alternative Fixed Income Market system. The Galician group highlighted Cooke as a benchmark partner, emphasizing a fully integrated approach that spans the entire value chain from wild harvest to processing and global marketing. The company notes that the roster of potential strategic partners also includes major global players such as Maruha Nichiro and Nissui, firms that sit at the pinnacle of the seafood world. Nueva Pescanova positions itself among the few players with a comparable level of vertical integration and geographic reach.
Beyond traditional fishing and farming operations, Nueva Pescanova has maintained a strong commitment to diversification. While it stepped away from a tilapia operation in Brazil and faced the sale of a salmon farming unit during a difficult financial period, the group now produces substantial volumes of vannamei shrimp and turbot annually. Its wild catch operations feature thousands of tons of species including cape hawthorn, shrimp, prawn, and squid, underscoring the breadth of its footprint in the seafood supply chain. In its latest fiscal year, up to March of 2022, the company reported turnover approaching one billion euros, a reflection of its size and market reach across continents.
Since 2015, Nueva Pescanova has pursued a strategy aimed at preserving the company’s viability, maintaining the integration of the parent company with its subsidiaries, and safeguarding the Galicia headquarters. The ongoing discussions and potential agreement align with a broader plan to integrate Nueva Pescanova into one of the world’s leading family-owned marine protein groups. This approach seeks to strengthen the balance sheet, secure long-term access to resources, and ensure continuity for the workforce and regional operations while reinforcing the company’s position in the global seafood arena.
Industry observers note that the negotiations reflect a trend where family-owned seafood firms are increasingly active in consolidating value chains through strategic partnerships with large, globally recognized operators. The scenario suggests a future in which Nueva Pescanova can leverage Cooke’s extensive distribution network, research and development capabilities, and integrated supply chains to reach new markets while maintaining its core identity in Galicia. Contributors to the discussions emphasize that the deal would preserve the company’s structure and strategic direction, even as majority control shifts to a worldwide leader in marine proteins.
Analysts also point out that the proposed transition could set a new standard for regional anchors within the seafood sector. By combining Cooke’s global footprint with Nueva Pescanova’s diverse production mix, the alliance would offer greater resilience against market fluctuations, better access to input materials, and a stronger platform for innovation in aquaculture and processing. The agreement process will continue over the coming weeks, with both sides aiming to finalize conditions that maintain executive oversight and preserve Galicia’s status as the organization’s heartland.
In summary, the anticipated ownership transition signals a pivotal moment for Nueva Pescanova and its stakeholders. If approved, the arrangement promises to unify a world-class seafood platform under a single, strategically positioned family-owned entity while honoring the company’s historical ties to Galicia and its commitment to responsible growth and sustainable harvesting practices. The market will watch how this alignment unfolds, recognizing the potential for improved efficiency, expanded reach, and enhanced long-term value for employees, suppliers, and communities connected to Nueva Pescanova.