a leader at one of the biggest frozen fish exporters in vigo powers up a computer and wades through a crowded inbox. a message stands out in bold terms: we are a firm that handles mergers and acquisitions. we have investors interested in the frozen sector, and our group matches the criteria these investors seek. let us meet to discuss a series of recommendations they want listened to. within ten lines, a buyout offer surfaces for a company with over forty years of history, valued around ninety million euros a year. a mutual fund or private equity group often described as a broker has been championing this approach. they do this work and move forward. the sentiment is clear—this kind of transaction is a growing feature of the scene.
these businesses consistently generate cash, and as one ceo from another firm notes, in fishing or aquaculture the rights to controlled resources carry increasing value because getting those resources organically is becoming tougher. growth through acquisitions—adding fleets through company purchases—follows from restricted extraction rights. this dynamic makes vertical integration and production efficiency valuable, and it helps raise profitability. the mid-year horizon is seen as a natural moment for major players like cooke inc. or for large-scale operations such as nueva pescanova to shape the landscape of these negotiations. even as global pension funds surge onto the scene, debt-focused strategies stand out as a practical alternative. the image painted is of an operation where a single buyer contemplates acquiring another, financing the deal with ten-year bonds. this kind of approach has moved from theory to real interest in galicia’s frozen fishing industry, as reported by a respected local newspaper.
some say that a professional contact was made through a lawyer, but there was little progress after that initial contact. given the type of family-owned firms in the region, such approaches are often not the right fit right now. still, there is talk of outreach to other companies. the general mood among the region’s leading marketers is cautious: doors do not appear wide open, and conversations remain limited. cash availability and private equity interest remain modest among top players. if any deal closes, nueva pescanova would pass through due diligence with a canadian marine-protein investor in mind. iberconsa has already paved a path for foreign capital to enter the north american market, with portobello capital and later platinum equity opening the door. there is ongoing dialogue around the balance of executives and board members who would lead an integration in this sector.
the orbit of deals includes firms like discefa, owned since 2016 by venture capital fund ged and based in cambre, a coruña district. the company posted sales of about 83 million euros in 2021. ged even brought in pwc to smooth a potential transfer, though a divestment did not go forward. according to multiple sources, the option to sell has resurfaced, with galician fishing businesses hearing about this type of transaction. privately held owners and family control add a layer of complexity to these discussions. another galician player, mercadona’s fish distributor union martín, has connections to alantra, which last year approved the acquisition of silomar, a company that produces large volumes of products. a scenario similar to discefa’s has been noted, while two other firms in the region—each with a turnover just over 70 million—are being watched, though they remain in the hands of founders or their families.
the phrase “keys” appears when discussing why some deals do not proceed. a senior executive recalls receiving such communications and letters, including the opening email, through colleagues and collaborators. an intermediary contact is indeed common. however, the underlying reason for a deal often rests on whether the buyer’s expectations align with what the current owner can realistically offer. family-run enterprises rarely have compelling reasons to change hands unless there is a clear growth plan or a generational transition. in that context, ongoing operation often feels more appropriate than selling. even without consolidated 2022 data, the region’s top galician operators—about nineteen in total—produced a combined business volume exceeding four and a half billion euros, and their results have surpassed pre-pandemic levels.
arab capital also pursued nueva pescanova
when a company the size of nueva pescanova appears on the market, a blind teaser approach is used. this means the deal is announced in a way that hints at buyers without revealing detailed data. as the process evolved, abanca enlisted rothschild to identify a partnering trader for the fishery, and the bid often outlines the maximum payable amount or withdrawal rights. among the stages, iberconsa, with backing from platinum equity and cooke inc., stands as a participant in the chapter surrounding chapela’s group. reports also point to a japanese company active in this space.
two arab capital investment firms linked to avramar seafood, which produces sea bass and sea bream in spain, have entered the scene. this is backed by mubadala, the abu dhabi sovereign fund with a portfolio that exceeds two hundred and thirty billion dollars, and it aligns with american private equity firm amerra capital management. avramar originated in 2021 from the merger of andromeda group, nireus, selonda and perseus. japan hosts some of the world’s leading marine-protein groups, including maruha nichiro and nissui, formerly nippon suisan kaisha, all active in this arena.