Spain’s Profand acquires Greek seabass, seabream farmer

Spain-based cephalopod and shrimp fishing and processing firm Grupo Profand has acquired a majority stake in Greek seabass and seabream company KefaloniaFisheries.

Profand, which is one of Spanish retailer Mercadona’s main suppliers of seafood, said the acquisition “boosts the group’s presence in aquaculture production, specifically in seabream and seabass”.

Kefalonia is a fully vertically integrated company with four fish farms, two packaging plants and a hatchery for the production of eggs and smolts. Its 150employees will join Profand’s workforce of over 2,500, Profand said.

Profand did not disclose the value of the deal. Antarctica Advisors worked as the exclusive advisor to Kefalonia on the sale.

Enrique Garcia Chillon, CEO of Grupo Profand, said the deal would strengthenProfand’s upstream production, which extends across South America and Europe, both in fishing and aquaculture. Kefalonia produces chilled whole round, gutted and scaled, and bass and bream fillets, as well as frozen bass and bream fillets, both premium and organic. Its products are sold in several Mediterranean countries, with a particular focus on the Italian market.

Profand added it had “total confidence” in Kefalonia’s current management team, which is led by CEO Lara Barazi-Geroulanou. Barazi-Geroulanou is also president of the Federation of European Aquaculture Producers.

The deal for Kefalonia comes after the completion of a corporate restructuring atProfand, following the entry of the investment arm of Banca March, CorporacionFinanciera Alba.

The board reshuffle took place after Alba bought 23.7% of Profand’s shares for €100million ($118m) via its subsidiary Alba Europe in September 2021.

Prior to the deal, the firm was 100% owned by Garcia, now president of the board.

Profand has also integrated the former Caladero processing plant it acquired from retailer Mercadona back in 2019 for €87.5m. The plant, which adds more than€200m to its turnover, is now named Profand Zaragoza.

“Kefalonia Fisheries joining the Profand family will allow us to strengthen our presence in the international market and continue the dynamic growth of the company with a wider product range,” said Barazi-Geroulanou.

Profand said Kefalonia was attracted to Profand’s “strong business model, its high growth potential at a global scale and for its outstanding managing team, who will continue leading the company”.


Source: Undercurrent News


Photo Credit: Kefalonia Fisheries