Brazilian Frescatto and Prime Seafood Merge to Create $320m Business

Brazilian Frescatto and Prime Seafood Merge to Create $320m Business
Photo: unsplash.com 08.04.2024 447

Combined, the two businesses produce more than 30 million kg of fish annually.

Brazilian seafood companies the Frescatto Company and Prime Seafood are set to merge, creating a business with a combined turnover of more than $300m.

According to Frescatto Company, the union will improve competitiveness and strengthen its position in the global market by enhancing its export operations. This includes expansion to strategic markets such as China and the US.

The merger, creating an entity worth around BRL 1.6 billion (approx. $318 million) is expected to lead the new business to earnings of over BRL 2 billion (approx. $399 million) in 2024.

It will also enable deeper integration of operations with processing plants and distribution centres spread across Brazil, increasing the production capacity of each region and allowing supply to the national and international market.

Eduardo Lobo, president at Prime Seafood, will join Frescatto's board of directors. He called the merger "the first major consolidation of the fish sector, transforming Frescatto into a global company."

✔️ Prime Seafood, established in 2012, describes itself as “the Brazilian leader in fish exports”, selling to Canada, the US, Japan, Australia and China, as well as other regions. The group processes fish and lobsters, working with some 200 suppliers located in seven states of Brazil.

✔️ Frescatto, set up in 1944, processes fish from Brazil, as well as Chile, Argentina, Alaska and Canada and other countries. It manages four production sites in Brazil. Some 900 workers are employed by the company. The group produces a range of fresh and frozen fish for retail under two brands, Porto Frescatto and Buono Pesca.

“We will be able to bring ‘export-type’ products sold by Prime to Frescatto customers, such as lobster, snapper and yellow hake among others. Furthermore, Frescatto offers the opportunity to export other species that are not available in the Prime Seafood production line, ”

said Thiago De Luca, CEO at the Frescatto Company.

Sources: Foodbev Media, JustFood

food markets  Brazil 

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