COOKE ACQUIRES INTEGRATED SHRIMP PRODUCER
Cooke acquires integrated shrimp producer. Cooke Inc. a New Brunswick company and parent of Cooke Aquaculture Inc., has acquired Farallon Aquaculture de Nicaragua S.A. a vertically integrated producer of farmed shrimp and a leading supplier of branded fresh-frozen shrimp to major markets in Asia, Europe and the U.S.
Farallon Nicaragua is headquartered in Leon, Nicaragua, employs 384 people, and operates a state-of-the-art hatchery, three farms and an onsite processing plant from four locations.
“Farallon Nicaragua is a company guided by the highest international standards in environment, health, security, and quality – all attributes shared with our existing aquaculture and wild seafood fishery divisions,” said Glenn Cooke, CEO of Cooke Inc. “With their long-term expertise in the shrimp market, and emphasis on continuous innovation, Farallon is well positioned to support our expansion in the shrimp market to supply high quality, sustainable seafood.”
In February, Cooke Inc. announced its acquisition of the Seajoy Seafood Corporation group, one of the largest vertically integrated, premium shrimp farmers in Latin America. Seajoy’s organic Pacific white shrimp farms are in Honduras and Nicaragua.
“Farallon Nicaragua also produces Pacific white shrimp and offers Post-larvae (PL) for commercial sale,” added Glenn Cooke. “We will integrate the company into our Seajoy operations, which allows for us to achieve Seajoy’s certifications for producing environmentally and socially responsible seafood from groups such as the GAA (Global Aquaculture Alliance), 4-star BAP (Best Aquaculture Practices), and ASC (Aquaculture Stewardship Council).”
“Over the last two decades we have built a recognized and respected brand and look forward to continued success as part of the Cooke family of companies,” said Jose B. Martinez, founder and owner of Farallon Nicaragua. “We believe this ownership transition will allow Farallon to realize its full potential.”
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 LLP. Farallon Nicaragua was advised by Woodbridge International and the law firm Morgan & Morgan.
Cooke Inc. is showcasing it’s fresh, sustainable True North Seafood Company branded products this week in Boston, MA, at Seafood Expo North America, in booths 1133 & 1233.