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Mitsui invests in world’s largest shrimp exporter
Japanese investment firm has acquired a 20% stake in industrial Pesquera Santa Priscila, an Ecuadorian company that is the world’s largest shrimp farmer.
Santa Priscila employs around 16,000 people and sells processed shrimp products globally, with annual sales of around $1.4 billion, and operates 18,000 hectares of farms.
The company accounts for 25% of global shrimp exports, while farmed shrimp accounts for around 68% of total shrimp consumption.
The investment in Santa Priscila was made through a Singapore-based holding company.
Mitsui’s investment in the company totals around $360 million and the deal is expected to close in the fourth quarter of this year.
The investment is seen as strategic given the growth in demand for high-protein foods, and demand for farmed shrimp outstrips demand for the wild variety.
“Shrimp is an important product that will meet the rising demand for sustainable protein, as the world's population and economy grows, and responds to health-conscious consumers with its low-calorie and high-protein content, with a short production cycle and high feed efficiency,” Mitsui said in a statement.
“In Ecuador, the world's center of shrimp farming industry for export, Mitsui and IPSP's founders will jointly collaborate to pursue increased productivity and efficiencies, to optimize operational excellence and best serve customer's needs. The partners will work to maintain a high focus on social responsibility, respect for the environment, high product quality, and will continue strengthening IPSP to lead modernization of the growing industry,” the investment firm added.
Mitsui was advised in Ecuador on the investment by Ecuadorian law firm Bustamante Fabara, with a team led by partner José Rafael Bustamante and director Kirina González Artiga. They were assisted by the firm’s M&A, tax, labor and anti-trust teams.
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