Cooke 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 United States.
Terms of the deal were not disclosed.
Farallon Nicaragua is headquartered in Leon, Nicaragua, employs 384 people, and operates a hatchery, three farms and an onsite processing plant from four locations.
“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," said Glenn Cooke, CEO of Cooke Inc.
In February, Cooke acquired Seajoy Seafood Corporation group, a vertically integrated, premium shrimp farmer in Latin America. Seajoy’s organic Pacific white shrimp farms are in Honduras and Nicaragua.
Cooke will integrate Farallon Nicaragua into its Seajoy operations, which allows the company 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).
“We believe this ownership transition will allow Farallon to realize its full potential,
said Jose Martinez, founder and owner of Farallon Nicaragua.
Cooke 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.