The fisheries sector, not only Pescanova

Integral service around a transaction
BY : Diego GutiérrezSeptember Mon, 2013

fishThe food sector in general, and the fisheries sector in particular, has been a safe haven sector during the crisis, especially for the "non-premium" product segments. Proof of this are the corporate movements that have taken place in the sector.

The most relevant operations during 2012

The main partner of FandicostaAngel Martinez Varela bought the fish wholesaler Calpdenia which develops its activity in 'Mercavalencia' by means of a capital increase 0.2 billion for 77.8% of the shares.

Fandicosta, founded in 1996, is part of a Galician business group with a long history in the fishing sector and is one of the top ten marketers of frozen fish products in Spain. The company has holdings in companies such as Pesquera Cruz del Sur, in Argentina, and Blue Planet, with headquarters in Vietnam and China. The company currently has 24 deep-freezer vessels operating in different fishing grounds around the world and 50,000 square metres of facilities, half of which are dedicated to product processing, with a volume of 26,000 tonnes per year.

During 2013, the Meira-based frozen seafood company Fandicosta bought 32.5% of its shares held by the Profand Group (Promar and Fandicosta) as treasury stock for around €2 million, according to the Vigo-based consortium's annual report, which puts the capital gains obtained from the sale at €851,682. The other shareholders of Fandicosta, including the company Tebra, controlled by the president of the Meira-based company, Ángel Martínez Varela, and Conservas y Frigoríficos del Morrazo, will assume Profand's share proportionally. The operation puts an end to the litigation that Fandicosta and Fandiño had been maintaining for several years over the remuneration of the company's administrator, according to sources consulted.

The Gran Canaria fish and seafood wholesale company CANPESCA was majority-owned by José Ramón Marín Lopez.

The company Atlantic Swordsmen was founded in 2003 as an alliance of 30 shipowners (80%) together with Eduardo Vieira (20%) to market Swordfish and defend the inter-daily price. During 2012 the company acquired Eduardo Vieira's shareholding". The origin of the company shows the war that exists between producers and marketers to capture the added value paid by the end consumer. Some opt for vertical integration by joining production and marketing and others for joining production and gaining negotiating weight, as is the case of Espaderos", says Diego Gutierrez, corporate finance expert at ABRA INVEST.

Acquisitions to gain size and expand the commercial network

The company Mercapesca Import Export positioned in the import and export of octopus, squid, squid, squid and squid from Morocco, acquired the 100% of the company Gestiones Kraff 2007. This company, which in 2011 had a turnover of between 3 and 6 million euros and specialises in the production of refrigerated products based on octopus, has announced a renewal of its machinery and an increase in revenue of 22% in 2013.

Fish and seafood trading company Pasapesca has increased its participation in Natproducts from 30% to 80% through the purchase of the businessman Javier Blanque. Nat Products is a company dedicated to the distribution and delivery of all kinds of frozen and fresh products to hotel, restaurant, catering and collective customers, specialising in fish and seafood.

"Several of the operations analysed have been due to strategic moves to expand or gain greater control over the commercial network. For example, the case of Pasapesca has increased its control over Natproducts to increase its presence in the Horeca channel" analyses Diego Gutierrez.

Pescanova: successfully expanded by 125 MM in 2012 only to be plunged into crisis in 2013

In July 2012 Pescanova The capital increase involved a significant financial effort by the group's shareholders, who undertook to buy shares from the outset. Manuel Fernández de Sousa, Alfonso Paz-Andrade, Luxempart and Damm, who jointly controlled 37% of the capital, invested at least 25 million euros, 20% of the total shares issued. In 2013, the corporate mess between shareholders, the company's insolvency situation and the lawsuits between partners for misappropriation and misrepresentation of information are common knowledge.

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