Pescanova Regains Strength
Galicia has surged in recent years with a wave of fishing growth that spans sales and assets, especially abroad in places like Argentina and Namibia. The industry’s top players pushed hard for expansion, mainly through acquisitions that built volume, scale, and profitability. Nueva Pescanova recently joined this trend, scaling back subsidiaries after years of rapid growth and competitive pressure. The purchase of Pesquera Veraz in Argentina marks a strategic turning point, adding three production facilities and nine ships to its footprint. This move consolidates hake catching and strengthens involvement in the lucrative fish and shrimp processing sector, even as prices for these species rise.
The consolidation trend is a hallmark of the sector now, with almost every major company pursuing growth, Nueva Pescanova being the notable exception. Since extending its mandate, Manuel Fernández de Sousa has steered Chapela-based Pescanova in a different direction, reducing the number of subsidiaries through its own decisions or through bankruptcy, ultimately trimming the group to about a dozen entities alongside smaller firms.
strategic moves and market momentum
Pescanova’s acquisition of Pesquera Veraz in Argentina is poised to restore lost scale and accelerate inorganic growth. The deal adds nine ships and three processing plants, signaling a clear push to expand in South America while maintaining a foothold in Africa and Europe. Fishing companies across Galicia are increasingly aligning with this regional growth model, including major players that have pursued ambitious expansions in Argentina and beyond.
Across the Atlantic, Galicia’s fishing interests have pursued diversification in Namibia, South Africa, Spain, and Mauritania, with a growing emphasis on octopus and other high-demand species. This regional momentum mirrors a broader industry trend of enlarging fleets and upgrading production facilities to meet rising global demand.
Other Galician groups have also pursued expansion in Argentina, with firms like Videomar acquiring Greciamar and additional fishing boats to bolster capacity. The march toward larger industrial and commercial strength has been evident in the United States as well, where alliances and ventures with North American distributors have helped broaden market reach. Notable examples include a major U.S. distribution relationship that has helped elevate European seafood brands in new markets. Meanwhile, Kefalonia Fisheries, a Greek enterprise known for sea bream and sea bass, expanded its footprint by purchasing Caladero from Profand Zaragoza and opening a Cambre factory in the year of that transaction, underscoring the interconnected, cross-border growth of the industry.
Pereira or Pescapuerta have also followed this expansion script. Pereira recently sold a tuna boat of modest scale but has kept a strategic presence in Mauritania, Namibia, and South Africa, while maintaining a footing in the Malvinas region via partnerships and local ventures. Pescapuerta has bobbed through similar waters, introducing a modern freezing trawler and securing three vessels in Mauritania to broaden its fishing reach, without relying solely on inorganic growth.
Another historic Galician name has stepped up its activity in Africa and Argentina even as it works through creditor challenges affecting its parent and its Argentine affiliate. Led by Eduardo Vieira, the group has taken over trawler operations and supported the rescue and operation of vessels in Guinea-Bissau, leveraging collaborations with local operators to sustain its presence in challenging markets.
Newcomers to the industry are also riding the expansion wave. A Teis-based firm is accelerating organically through partner networks, expanding its fleet to three vessels and planning a 10-million-euro investment to establish a shrimp processing plant in Paraguay. This outward push is a clear signal that Galicia’s fishing sector is embracing broader markets and a diversified product mix, with strong emphasis on shrimp and other high-value species.
The interatlantic growth story continues with Galiciamar, a renovated facility in Bouzas that recently completed its first inorganic operation by acquiring Hansen Seafood, a cephalopods and shellfish specialist in Banjul, Gambia. This deal marks a deliberate step into new geographic and product territories, reinforcing Galicia’s status as a maritime hub with a dynamic, outward-looking strategy.
In summary, the Galician fishing sector is redefining its footprint. It is a story of mergers, acquisitions, and selective divestitures that aim to fortify competitive positions, expand international reach, and unlock greater profitability through scale and smarter asset deployment. The year ahead is expected to bring continued consolidation, increased efficiency, and a stronger presence in traditional and emerging markets alike.
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