Canadian salmon farmer diversifies
It is the latest in a series of moves by Cooke Aquaculture to expand its empire within the international aquaculture industry. Obviously not satisfied with its expansion plans in Newfoundland and the US State of Maine, Cooke has now bought Culmarex S.A.,a seabass and seabream subsidiary from international company, Morpol ASA. Cooke also purchased a Chilean salmon farming company some years ago.
The latest move into the European aquaculture industry was announced from Blacks Harbour on the company’s web site on Friday;
Cooke Aquaculture is pleased to announce the signing of an agreement with Morpol ASA for the purchase of its fully owned subsidiary, Culmarex S.A. (Culmarex), which is the largest seabass and seabream farming operation in Spain. “We are always looking for strategic development and investment opportunities in the seafood sector,” explains Glenn Cooke, CEO of Cooke Aquaculture. “This purchase gives us the unique opportunity to enter into the farming of seabass and seabream in Spain by working with one of the best performing players in this industry. We see tremendous synergies between the two companies and look forward to working with this highly professional team and diversifying our business as a fully integrated aquaculture company.”
“We are very happy to place Culmarex in the hands of an owner that will focus on continued growth of the business going forward. We see Cooke Aquaculture as an excellent fit with Culmarex,” says Morpol CEO Jerzy Malek. “All of us at Culmarex are happy to become part of Cooke Aquaculture,” says Geoff Smart, Managing Director of Culmarex. “Culmarex and Cooke Aquaculture share similar aims and principles; we take seriously our responsibility for the management of the company, the environment and the welfare of our employees. Like Cooke aquaculture, Culmarex ‘refuses to go with the flow’ and has been a major innovator of bass and bream farming in Spain, both in terms of our products and our production methods. We look forward to developing our future with Cooke Aquaculture with optimism, enthusiasm and excitement.”
As a company that is certified to the internationally recognized Seafood Trust Eco Label, sustainability and quality is of paramount importance to Cooke. The fact that Culmarex has also achieved third party certification makes this purchase a good fit for both companies. Culmarex is the only aquaculture company in Spain with a fully integrated management system covering ISO's 9001, 14001, 18001. It is also carries the European Union Organic label and its “Real” and “Imperial” premium brands give the company a unique presence in the marketplace. Like Cooke, Culmarex also focuses on delivering quality fresh products to home markets within a few hours from harvesting.
Culmarex management has an outstanding historical track record in the seabass and seabream industry thanks to the strong management team lead by Geoff Smart, Regis Phillipe and Ana Jorquera. Having a strong platform in Europe will further strengthen Cooke’s position as a world-class aquaculture company. The closing of the transaction is due to take place at the end of July 2011. Cooke was advised in this purchase by Markó Partners, a corporate finance boutique focusing on the seafood industry.
