Cooke acquires Omega Protein for $500m

Canadian seafood producer Cooke has completed the acquisition of US-based speciality protein products maker Omega Protein for $500m.

As per the deal, Cooke has acquired all outstanding shares of Omega Protein for $22 per share in cash.

Cooke CEO Glenn Cooke said: “The acquisition of Omega Protein will help further diversify the supply side of our business and supports our strategy of responsible growth as a leader in seafood production.

“We are bringing together two innovative fishery teams with a passion for delivering superior products, service, and value to our customers in a safe and environmentally sustainable manner.”

For more than a century, Omega Protein has been in the nutritional product business and has developed healthy products in order to improve the nutritional integrity of food and dietary supplements.

Omega Protein currently operates seven manufacturing facilities located in the US, Canada, and Europe.

Prior to the acquisition, Omega Protein operated more than 30 vessels to harvest menhaden, a fish abundantly found in the Atlantic Ocean and Gulf of Mexico.

Going forward, the vessels will be operated by Alpha VesselCo Holdings.

Cooke further added: “With over 1,000 employees and a purchase price of $500m, Omega Protein is the largest acquisition in the 32-year history of Cooke.

“We started our family operated company in 1985 and through the hard work of our employees have grown to become a fully integrated global seafood leader offering a wide array of farmed and wild-caught products to customers around the world.”

The acquisition is reported to be in line with Cooke’s strategy, as Omega Protein’s animal feed ingredients would support their aquaculture’s production of healthy Atlantic salmon.