Pescanova chains a strategic move as New Peskanova expands again. In Abanca’s pursuit of financial allies, the Vigo-based fishing group strengthens its investment profile with a major inorganic growth step not seen in more than ten years. The focus this time is Argentina, already a reference point for the sector, where the company has completed the acquisition of a local fishing operation. Industry sources have identified the target as Pesquera Veraz, a firm that specializes in hake and shrimp, operating with nine vessels, three processing plants, and a dedicated canning facility. Through this acquisition, Pescanova aims to realize its long-standing objective of growth in scale and overall capacity. Rabobank remains in discussions as a potential lender, with a plan to illuminate the deal through its United States subsidiary, a key consumer market for the two products.
Reports from Faro de Vigo, the Iberian press outlet, note that Nueva Pescanova seeks to add size and improve profitability. The group currently manages assets exceeding €1,000 million but has delivered modest results, as reflected in the 2021 financials with a net income of around €7 million [source: industry briefings].
Argentina has been flagged as a promising growth corridor. Nueva Pescanova operates in Puerto Deseado, Santa Cruz, through its Argenova subsidiary, which owns a fleet of sixteen vessels, with a dozen dedicated to shrimp fisheries. The operation includes a processing hub and cold storage facilities to support downstream needs [operational dossier, industry review].
The planned purchase of the Argentine fishing company will substantially augment Pescanova’s asset base. The target is part of the Veraz Group, a longstanding player founded in 1950, which began in shipbuilding with the La Juventud yard that later evolved into the Federico Contessi Naval Shipyard in Mar del Plata, Buenos Aires province. Veraz entered the fishing scene in the 1980s and has since expanded to include both production sites and a working fleet, currently operating nine boats, including five fresh-fish vessels and four freezers. The freezer fleet primarily operates from Puerto Deseado, with the most recent vessel being the “Federico C” built by its own yard. The fleet’s average age hovers around 25 years [Veraz Group archival notes].
On the transformation front, Pesquera Veraz maintains three processing plants in Mar del Plata, Rawson, and Puerto Deseado, along with a canning unit named Marechiare. Though located in Buenos Aires province, it remains unclear whether Marechiare would join the acquisition agreement. The latest Sustainability Report indicates Veraz produced 32,000 tons of fish and shellfish, with a processing capacity of 17,000 tons at sea and 22,100 tons on land. The canning operation produced six million cans in 2021, and the workforce totals 873 employees dispersed across three Argentine provinces [corporate sustainability summary].
The deal would mark the first major inorganic growth move since the government’s mandate, signaling a renewed pace of expansion for the Pescanova group under leadership changes [corporate governance note]. Since the industry downturn, several players have exited or folded, including Nova Austral and Acuinova, while others have faced restructuring or strategic realignments in markets such as Chile, Austral Fisheries, Lafonia, and related aquaculture ventures. A single notable acquisition occurred in 2018, when Unick Fish, a marketer focused on seafood import and distribution in South Africa and Namibia, joined the portfolio [market recap].