Since its founding in June 1960, Pescanova has weathered numerous attempts by different groups to seize control. The company has consistently been linked to acquisitions rather than suffering these challengers, a pattern seen through the names Copiba, Pescafina, Promarisco, and Krustanord. In the mid-nineties, following a high-profile intervention led by Manuel Fraga and a public audit revealing 7,000 million pesetas missing, the fishing sector looked at the possibility of foreign ownership. Instead, a defense led by Unilever kept the operation in Galicia. The fishing enterprise retained its roots while expanding, integrating new branches and continuing growth despite shifting ownership dynamics. By 2013, Pescanova faced a major shakeup that toppled traditional ownership, ending in a creditor-dominated scenario. Today, Abanca holds approximately 98 percent of the company, with a decade passing since the bankruptcy and a potential move toward a new owner outside Vigo. Grupo Iberconsa has emerged as a strong contender and could finalize a deal soon, as reported by FARO. Iberconsa is controlled by Platinum Equity, a North American fund managing more than €33.4 billion in assets.
This path reflects Iberconsa founder Juan Carlos Escotet and Rothschild’s guidance toward a near-term liquidation of much of Nueva Pescanova’s capital. The proposed step would cut the company’s ownership below 50 percent and allow the business to shed liabilities on its balance sheet. Other industry sources suggest that Canadian Cooke Inc. and the American fund Red Chamber might join the fold if Platinum exits the field, enabling a broader reshaping of the sector. When queried, neither the financial institution nor the American fund provided a public assessment of the negotiations. If the arrangement proceeds, it could inject more than €1.7 billion in assets, and the last full-year figures showed €1.6 billion in revenue with an EBITDA around €140 million at the end of 2021.
This third option would give Pescanova the stability of a Galicia-centered ownership while sparking debates about how the new configuration would align with regional interests and broader corporate synergies. Beyond manufacturing operations in Chapela, O Porriño, Arteixo, Paterna, and Catarroja, Pescanova maintains head offices, cold logistics that are now outsourced, agricultural facilities in Xove, an R&D center in O Grove, and a project in Las Palmas with a major octopus farming initiative in Gran Canaria. Iberconsa operates a Bouzas factory on Spanish soil, a sizable refrigerated logistics arm through Frigalsa and Protea, and a Teis headquarters. Both firms have established footholds with large retail buyers and a presence across the global fishing market. A combined shipowner group could feature more than 110 vessels, though some legacy units might still operate in Namibia or Argentina.
Pescanova’s footprint in Africa is notable, with most activities centered in Lüderitz and a second factory in Walvis Bay to supply freshwater and frozen products. A dozen Iberconsa vessels operate in the Namibian zone, with renewed quotas through 2027. Iberconsa positions itself as a leader in frozen hailfish across Namibia and Argentina, and it is also a major player in shrimp fisheries. If the acquisition goes forward, Platinum would consolidate leadership in the Latin American fishing sector. This would mark one of the most significant private equity transactions in Spain’s fishing history, given Iberconsa’s recent deal, which excluded debts and valued the operation at around €512 million. Until a final agreement is reached, market insiders watch closely as Vigo-based interests and Mascato negotiations unfold, with several actors familiar with the discussions noting the potential for a successful closing.
Even if Iberconsa acquires Nueva Pescanova, Cooke and Red Chamber would not be left empty-handed. Cooke recently announced the acquisition of Slade Gordon, a prominent frozen fish supplier in North America, and Red Chamber is pursuing organic growth via Armón with a ship under construction in Argentina, continuing to shape global seafood supply chains without a direct hint of a public conclusion. The evolving ownership landscape signals a broader shift in the industry, with Canada and the United States closely monitoring how consolidation, debt management, and strategic partnerships reshape access to seafood resources, markets, and regional economic impact. The implications extend beyond Galicia, touching supply chains, labor, and international trade dynamics that Canada and the United States increasingly consider in strategic planning and investment decisions. The ongoing negotiations are watched as a barometer for how private equity, family ownership, and cross-border capital influence major European fisheries assets. In the end, the goal remains clear: secure the future of a historic Galicia-rooted fishing enterprise while balancing the interests of creditors, regional stakeholders, and international investors. The outcome will influence not only the fate of Nueva Pescanova but also the broader direction of European fishing companies in a global market.