Peru Fishery Consolidation: Minnows Beware

Peru Fishery Consolidation: Minnows Beware

Peru Structured Finance M&A Economy & Policy Corporate & Sovereign Strategy

by Ben MillerThree years ago, Peru’s 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.  The slump did not change the fact that China – a buyer of 50% to 60% of the industry’s exports – is growing, and that about 40% of the business is still in the hands of small players. "In the medium term, there is a need for further consolidation," says Eduardo Castro Mendivil, CFO of Copeinca, Peru’s second-largest fishing company. "Prices are a bit high for us now, but maybe not f

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