Meridian salmon farm, Scotland. (Photo Credit: Meridian Salmon Farms)
Cooke Aquaculture purchases Scottish salmon firm
Friday, March 28, 2014, 23:50 (GMT + 9)
New Brunswick-based family-owned company Cooke Aquaculture announced the purchase of Meridian Salmon Farms Limited, a fully owned subsidiary of Marine Harvest with assets on Shetland and the Orkney Islands and on the mainland of Scotland.
The deal, which needs regulatory approval and is expected to close in May, was worth USD 203 million, CBC News reported.
“We are always looking for strategic development and investment opportunities in the seafood sector,” said Glenn Cooke, CEO of Cooke Aquaculture. “This purchase gives us a unique platform for our Europe an operations and is a good fit with our Spanish sea bass and sea bream farming company, Culmarex.
Cooke added that this purchase would give them the opportunity “to leverage their global relationships with suppliers and build on Meridian’s excellent market reach into both the European and US marketplace.”
Firm sources stated that the local and international top performing salmon farmer Meridian was created through the acquisition of multiple farming operations, including The Lakeland Group and Mainstream Scotland.
“We believe this investment in the well respected Scottish industry creates value for our entire group and strengthens our European foothold,” explains Cooke.
In 2013 Meridian generated revenues of CAD 151.3 million (USD 136.5 million) and a corresponding EBITDA of CAD 44.3 million (USD 39.9 million). The company is highly profitable and a significant EBITDA increase is expected due to an increased sales price per kg when it is operated as an independent company.
Meridian produces a high proportion of superior quality and accredited salmon, including organic and Label Rouge. The company also focuses on delivering quality fresh products to European markets within a few hours from harvesting.
Cooke Aquaculture has North American salmon farming operations in Atlantic Canada and Maine. It also owns Salmones Cupquelan, a salmon farming company in southern Chile and Culmarex, a sea bass and sea bream farming company in southern Spain.
- Cooke Aquaculture to buy Marine Harvest UK farms