Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
   


Photo courtesy from Cooke Inc.

Cooke enters into final agreement for acquisition of Tassal

Click on the flag for more information about Australia AUSTRALIA
Thursday, August 18, 2022, 02:00 (GMT + 9)

Cooke Inc. (“Cooke”), parent company of Cooke Aquaculture Inc. of New Brunswick, Canada, and Tassal Group Limited (“Tassal”) of Australia, today announced that they have entered into a definitive agreement, being a Scheme Implementation Deed, under which Cooke (via a wholly-owned Australian subsidiary) has agreed to acquire all outstanding shares of Tassal for A$5.23 per share in cash by way of a scheme of arrangement (“Scheme”). The transaction price represents a premium of 49% to Tassal’s undisturbed closing share price on June 22, 2022.

Listed on the Australian Securities Exchange (ASX: TGR), Tassal is the largest vertically integrated seafood producer and blue agri-tech business in Australia. With over 36 years experience, Tassal employs over 1,700 people in Tasmania and Australia who farmed 40,000 metric tonnes of Atlantic salmon and 5,500 metric tonnes of Black Tiger Prawn in 2021 for domestic and export markets including Asia, New Zealand and USA.

Tassal distributes salmon and prawns through its De Costi Seafood business in Lidcombe, New South Wales, Australia, where it also sources and processes a wide range of seafood. Salmon is offered as fresh deli-grade, fresh packaged and smoked for supermarkets. Prawns are distributed through supermarkets, delicatessens, and fish markets under the Tropic Co trademark.

Tassal’s salmon farms span five marine zones, four freshwater hatcheries and four processing facilities in Tasmania, while prawn farming, processing and seafood processing is undertaken in New South Wales and Queensland.

“Tassal is an excellent fit with Cooke, as we see many similarities between our two companies. Our people and communities are very comparable as well, with agriculture, fisheries, aquaculture, and forestry prominently supporting export-driven economies,” said Glenn Cooke, CEO of Cooke Inc.

“Our family-owned company is keen to have the opportunity to continue to grow Tassal from the strong base the employees, management and board have created,” added Cooke. “We have demonstrated acquisition history where Cooke has left operations management in place for continuity. We are highly impressed with the quality of Tassal’s infrastructure, people and culture.”

“We understand completely that the Tasmanian fish farming industry is Australia’s most valuable seafood production sector, and our top priority will be to work with other producers and government regulators on continuous environmental improvement plans as well as strengthening supply chain and local community relationships,” states Cooke. “We intend to make strategic investments in engineering, science and technology to further enhance Tassal’s capabilities, in addition to growing their sales reach through leveraging our worldwide seafood distribution channels.”

Photo courtesy from Tassal

“We believe in sustainably produced food and in responsibly harnessing our precious water resources. Our responsible business blueprint sets out how we will do this to ensure a prosperous, healthy planet for future generations,” says Mark Ryan, Managing Director and CEO of Tassal. “Combining our two companies’ people-first cultures and our shared passion for producing top quality seafood, is a natural fit. A future acquisition by Cooke enables Tassal to fast-track our goal to be one of the world’s most transparent and sustainable protein producers.”

At 115,000 metric tonnes annually, Cooke is the sixth largest farmed salmon producer in the world and, like Tassal, all Cooke feed mills, hatcheries, farms and processing operations are accredited by third-party organizations. The Tassal acquisition would put Cooke at 155,000 metric tonnes — closing in on becoming a top five producer. In 2021, the world’s demand for low carbon footprint, affordable, nutritious protein, resulted in more than 4 million metric tons of farmed salmon produced globally by all companies.

Tassal farm locations. Click the map to enlarge | Image courtesy from Tassal

Transaction Highlights:

The Scheme price of A$5.23 per Tassal share values Tassal’s equity at approximately A$1.1 billion.

The price represents a:

  • a premium of 49% to the undisturbed closing price of Tassal shares on 22 June 2022 of A$3.52 (being the last trading day prior to press reports of Amore Foods Pty Ltd (an entity affiliated with Cooke) acquiring a stake in Tassal);
  • a premium of 47% to the volume-weighted average price of Tassal shares for the 30 days to and including 22 June 2022 of A$3.55;
  • a premium of 46% to the volume-weighted average price of Tassal shares for the 90 days to and including 22 June 2022 of A$3.59;
  • an implied acquisition EV/EBITDA multiple of approximately 10.0x[1] Tassal’s FY22 EBITDA.[2]

The Scheme is subject to the approval of Tassal shareholders, Court approval and other customary closing conditions. It is anticipated that the Scheme will complete in late 2022

Australian investment bank Kidder Williams is acting as buy-side financial adviser for Cooke. Australian law firm Allens is acting as legal counsel for Cooke.

Source: Cooke Inc.

Noticias relacionadas:

 

 

 

 

 

editorial@seafood.media
www.seafood.media


 Print


Click to know how to advertise in FIS
MORE NEWS



Lenguaje
FEATURED EVENTS
  
TOP STORIES
ILLEGAL FISHING AND MIGRATORY RESOURCES: ANALYSIS OF PERU'S FISHING LAW
Peru The Fishing Law of Peru was sanctioned by Law 25,977 of December 7, 1992 and Supreme Decree 012-2001-PE. This country represents 8% of world catches and is number one in Latin America, which is why...
'Gov’t provides funding to help deep sea fishing industry players': Minister Ronald
Malaysia The government is providing assistance, including funding through Agrobank, that can be used by deep sea fishing industry players to modernise vessels and fishing mechanisms, said Agriculture and Food...
ILLEGAL FISHING AND MIGRATORY RESOURCES: ANALYSIS OF THE ECUADOR FISHING LAW
Ecuador   The Aquaculture and Fisheries Law of Ecuador was sanctioned by Law of the National Assembly Official Reg. 187 of April 14, 2020.   The recitals of the Ecuadorian Fisheries Law are an ...
Fishmeal and oil production figures in line with last year
Worldwide According to figures from IFFO’s membership, representing 55% of global marine ingredients production, the total raw material usage for July this year was 42% higher than for the same month last...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2022 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER