Peru Fishery Consolidation: Minnows Beware
Peru’s fisheries are again poised to consolidate. Though the pre-crisis M&A pace may not be matched, opportunity for fundraising is expected.
The slump did not change the fact that China a buyer of
50% to 60% of the industrys exports is growing,
and that about 40% of the business is still in the hands of
by Ben Miller
Three years ago, Perus fishmeal and fish oil exporters
stood firmly in the sights of investment bankers looking at a
fragmented array of players and whiffing M&A potential. The
subsequent period of heavy consolidation was halted by the
global credit crisis.
"In the medium term,
there is a need for further consolidation," says Eduardo Castro
Mendivil, CFO of Copeinca, Perus second-largest fishing
company. "Prices are a bit high for us now, but maybe not for
Indeed, price is just one of the things that has changed
versus the last round of fusions. The market landscape is
different due to regulatory changes...
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