Cooke to acquire Omega Protein Corp amid diversification strategy

29b6031e-a0c9-47fa-a593-4461117d0e0farticleimage.jpg

10 Oct 2017 --- Cooke Inc., a New Brunswick company and parent of Cooke Aquaculture Inc., and Omega Protein Corporation, a nutritional product company and a leading integrated provider of specialty oils and specialty protein products, have entered into a definitive agreement under which Cooke will acquire all outstanding shares of Omega Protein for US$22 per share in cash.

The transaction price represents a premium of 32.5 percent to Omega Protein’s closing share price on 5 October, 2017. The Merger Agreement has been unanimously approved by the Board of Directors of each of Omega Protein and Cooke.

“We are very pleased to sign this agreement with Omega Protein,” says Glenn Cooke, CEO of Cooke Inc. “Omega Protein will provide us with another platform in Cooke’s growth strategy through further persification in the supply side of the business. We believe this will be a very good fit between our two cultures.”

“Omega Protein has a 100-year history with an experienced and dedicated workforce, which we value, and a tradition of operating in small, coastal towns and communities that we share. Their focus on sustainable aquaculture and agriculture and the production of healthy food is also a great fit with our experience and culture,” Cooke continues.

Cooke carries on the business of finfish aquaculture globally through its wholly-owned subsidiary Cooke Aquaculture Inc. The New Brunswick, Canada-based Cooke family also has significant investments in wild fisheries globally through its ownership of Cooke Seafood USA, Inc. and Icicle Seafoods, Inc.

Cooke Aquaculture Inc. is an aquaculture corporation founded in Blacks Harbour, New Brunswick, Canada with salmon farming operations in Atlantic Canada (operated by its affiliate, Kelly Cove Salmon Ltd.), the US (Maine and Washington), Chile and Scotland, as well as seabass and seabream farming operations in Spain.

Cooke Seafood USA, Inc. was created in 2015 and grew rapidly through the acquisitions of Wanchese Fish Company, Inc. in the USA and the assets of Fripur S.A., the largest fishing company in Uruguay. The Cooke family also acquired Icicle Seafoods, Inc. in 2016. The addition of Omega Protein serves as a perfect strategic piece for the Cooke family of companies, according to the Omega Protein statement.

“We are excited about the agreement, which we believe recognizes the value of Omega Protein’s successful, 100-year-old fishing business and also provides stockholders with an immediate premium,” says Bret Scholtes, President and CEO of Omega Protein.

“Cooke is a family owned company and in many ways, reminds us a lot of ourselves and this agreement is the perfect fit for the two companies. Cooke is a highly regarded and responsible leader in the global fishing and seafood industry,” Scholtes concludes.

RELATED ARTICLES
Homepicture

CoffeeFruit Pure and Ingredients By Nature sign supplier agreement

18 Oct 2017 CoffeeFruit Pure, maker of “pure and ...

Homepicture

Naturex and Milne partner on Concord grape extract research and commercialization

16 Oct 2017 Naturex’s Open Innovation Program Ingenium ...

Homepicture

Kellogg to acquire up-and-coming US clean-label protein bar brand

09 Oct 2017 Kellogg Company has entered into an agreement to ...

Homepicture

Corbion and Bunge’s AlgaPrime DHA awarded for aquaculture innovation

06 Oct 2017 AlgaPrime DHA, a sustainable, omega 3-rich whole ...

Homepicture

Evolva seeks to raise CHF80m for R&D boost, may seek debt financing

06 Oct 2017 Swiss health, wellness and nutrition ingredients ...