Spanish seafood giant Nueva Pescanova is on the verge of completing its first acquisition in 10 years, by snapping up the assets of Argentinean fishing company Pesquera Veraz, reports Faro de Vigo.
The assets of the company, which specializes in hake and shrimp, include a fleet of nine vessels, three processing plants and a canning factory.
Though other Spanish press outlets have reported that the acquisition is pending, Pesquera Veraz, which is owned by the Contessi family, told the Argentinean press outlet Revista Puerto that a deal is not close to materializing, but is being considered.
Nueva Pescanova did not respond to a request for comment from IntraFish at the time of publishing.
Pescanova is reportedly looking for partners in Argentina, a location in which it has been operating for years with its subsidiary, Argenova.
"In the process of searching for financial partners by Abanca, the Vigo fishing company pulls investment muscle with the first major inorganic growth operation for a decade," reported Faro de Vigo. “And it will do so in Argentina."
According to the Galician newspaper, Pescanova "is negotiating with Rabobank to articulate the operation through its subsidiary in the United States, a large consumer of the two species."
Pescanova's history includes a string of global deals, but after its resounding fall in 2012, the company has been in a recovery mode.
The incorporation of Veraz would expand Pescanova's production by more than 30,000 metric tons.
The company owns five freshwater boats, four freezers, and three processing plants: one in Rawson, one in Puerto Deseado and one in Mar del Plata.
In an interview with IntraFish in May, Nueva Pescanova CEO Ignacio Gonzalez said that the takeover by Spanish bank Abanca last year marks the end of a long journey to reshape the company.
Abanca capitalized all bankruptcy debt in Nueva Pescanova after taking a 97 percent stake in the company, setting that stage for the company to grow, he said.
"The future is more about doing business, growth and the things we want to dedicate ourselves to, and less about saving the company, which I believe is in past," Gonzalez said.