Date Closed

November 26, 2024

Lead Office

Vancouver

On November 26, 2024, leading Canadian seafood company, Cooke Inc. (“Cooke”) completed its acquisition of Corporación Pesquera Inca S.A.C. (“Copeinca”) of Peru, one of the world’s largest fishmeal and fish oil producers. The transaction value is confidential, but this is among the largest M&A transactions in Peru this year. The transaction was structured as a locked-box deal, with the locked box date set to coincide with the start of the fishing season. In connection with the transaction, Cooke obtained financing from Norwegian and Canadian lenders, which was used in part to pay off existing noteholders of Copeinca. Cooke’s lenders replaced the noteholders as secured parties under a trust agreement in Peru.

Cooke is the among the principal seafood companies in the world, employing 13,000 people worldwide (prior to this acquisition) and operating aquaculture and wild fishery divisions in 14 countries.

Copeinca is the largest fishing company in Peru, with 3,000 employees, 45 industrial vessels and 8 processing plants spanning the coast of Peru. 

McCarthy Tétrault advised Cooke Inc. with a team led by Shawn Doyle and Konstantin Sobolevksi that included Joe Furness, Obruche Heinanen, Kately Cooper, Pedram Gholipur, Tanner Lorenson, Rob Brant, Jesslyn Chong, Denise Bierley (Business), Matt Kraemer, Darren Chung (Tax), Debbie Salzberger, Erin Keogh (Competition/Antitrust) and Chris Langdon (Secured Lending & Project Finance).