Nutreco has successfully completed its acquisition of 75% of the shares in Gisis S.A., the shrimp and fish feed subsidiary of the Expalsa group in Ecuador. The transaction has received unconditional clearance by the Ecuadorian competition authority. This acquisition takes Nutreco into the global top-three shrimp feed suppliers.
According to the announcement, the acquisition fully supports Nutreco's growth strategy to expand its fish feed business in growth geographies and non-salmonid species while maintaining its global position in salmon feed.
Nutreco noted that Ecuador's shrimp feed market is Latin America's largest and the third-largest in the world after China and Thailand, and is growing at around 8% annually.
Nutreco added that the Gisis acquisition strengthens its Skretting aquaculture feed business in Latin America, with production, sales and distribution facilities for shrimp and tilapia feed in Ecuador, Honduras and Peru and a joint venture with Regal Springs in Honduras. Revenues in 2012 amounted to 157 million euros. The total consideration for the acquisition of 75% of the shares, including corresponding net debt, is approximately 81 million euros.