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Seajoy Seafood one of largest vertically integrated, premium shrimp farms in Latin America.
February 6, 2019
Cooke Inc., a New Brunswick company and parent of Cooke Aquaculture Inc., announced Feb. 1 the completion of its acquisition of the business of the Seajoy Seafood Corp. group, one of the largest vertically integrated, premium shrimp farms in Latin America.
“The acquisition of Seajoy is an important element in our focus on product diversification to meet our customers’ needs,” said Glenn Cooke, chief executive officer of Cooke Inc. “Seajoy is a world-leading shrimp producer utilizing the highest quality and food safety standards and newest available technology. This aligns perfectly with our existing aquaculture and wild seafood fishery divisions. We feel Seajoy’s entrepreneurial drive, industry knowledge and care for their communities has made them successful and a big reason why we feel this is an incredible cultural fit."
Seajoy has a focus on producing value-added and organic Pacific white shrimp (Litopenaeus vannamei) and selling to customers in Europe, the Americas and Asia. The company runs operations from "egg to plate," and many of its 1,400 employees have significant long-term experience in the industry, according to the announcement. Seajoy’s shrimp farms are located in Honduras and Nicaragua and include processing plants, hatcheries and breeding programs.
“We founded Seajoy in Ecuador in 1979 just six years before the Cooke family started Cooke Aquaculture in New Brunswick in 1985,” said Peder Jacobson, former CEO of Seajoy. “Our families' drive as pioneering entrepreneurs and our employees' determination over the years has resulted in two successful, independent seafood companies, and now I am extremely pleased to have Seajoy join the Cooke family of companies.”
The terms of the transaction have not been disclosed as both companies are private, family-owned businesses. Cooke Inc. was advised by the law firm Morgan, Lewis & Bockius LLP and the accounting firm Deloitte. SeaJoy was advised by the investment bank Tully & Holland Inc. and the law firm Foley & Lardner LLP.
The Cooke Inc. family of companies entails global aquaculture divisions, including its wholly owned subsidiary Cooke Aquaculture Inc. and Kelly Cove Salmon Ltd., as well as seafood and wild fishery divisions under Cooke Seafood USA Inc., Icicle Seafoods Inc., Wanchese Fish Co. Inc. and Omega Protein. Cooke Aquaculture Inc. is a vertically integrated family company based in Blacks Harbour, N.B., with salmon farming operations in Atlantic Canada, the U.S., Chile and Scotland and with seabass and seabream farming operations in Spain.
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