Acquisition of Seajoy Seafood will aid product diversification
Cooke Inc., a New Brunswick company and parent of Cooke Aquaculture Inc., has completed its acquisition of the business of the Seajoy Seafood Corp. group, one of the largest vertically integrated, premium shrimp farms in Latin America.
“The acquisition of Seajoy is an important element in our focus on product diversification to meet our customers’ needs,” said Glenn Cooke, CEO of Cooke Inc. “Seajoy is a world-leading shrimp producer utilizing the highest quality and food safety standards and newest available technology. This aligns perfectly with our existing aquaculture and wild seafood fishery divisions. We feel Seajoy’s entrepreneurial drive, industry knowledge and care for their communities has made them successful and a big reason why we feel this is an incredible cultural fit.”
Seajoy Seafood Corp. group has a focus on producing value-added and organic Pacific white shrimp (Litopenaeus vannamei) and selling to customers in Europe, the Americas and Asia. The company runs world class operations from “egg to plate” and many of its 1,400 employees have significant long-term experience in the industry. Seajoy’s shrimp farms are located in Honduras and Nicaragua including processing plants, hatcheries and breeding programs.
Seajoy carries a brand synonymous with product excellence and environmental leadership. Seajoy carries certifications for producing environmentally and socially responsible seafood from the GAA (Global Aquaculture Alliance), 4-star BAP (Best Aquaculture Practices), EU Organic, ASC (Aquaculture Stewardship Council), SMETA (social) and the UK BRC (British Retail Consortium).
“We founded Seajoy in Ecuador in 1979 just six years before the Cooke family started Cooke Aquaculture in New Brunswick in 1985,” said Peder Jacobson, former CEO of Seajoy. “Our families drive as pioneering entrepreneurs and our employees’ determination over the years has resulted in two successful independent seafood companies and now I am extremely pleased to have Seajoy join the Cooke family of companies.”
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. SeaJoy was advised by the investment bank Tully and Holland Inc. and the law firm Foley & Lardner LLP.