Cooke enters into agreements for acquisition of Tassal
August 17, 2022
By Maryam Farag
Cooke Inc. has entered into a definitive agreement to acquire all outstanding shares of Tassal for A$5.23 per share in cash by way of a scheme of arrangement.
Listed on the Australian Securities Exchange, Tassal is the largest vertically integrated seafood producer and blue agri-tech business in Australia. With over 36 years experience, Tassal employs over 1,700 people in Tasmania and Australia who farmed 40,000 metric tonnes of Atlantic salmon and 5,500 metric tonnes of Black Tiger Prawn in 2021 for domestic and export markets including Asia, New Zealand and the U.S.
Tassal distributes salmon and prawns through its De Costi Seafood business in Lidcombe, New South Wales, Australia, where it also sources and processes a wide range of seafood. Salmon is offered as fresh deli-grade, fresh packaged and smoked for supermarkets. Prawns are distributed through supermarkets, delicatessens, and fish markets under the Tropic Co trademark.
“We understand completely that the Tasmanian fish farming industry is Australia’s most valuable seafood production sector, and our top priority will be to work with other producers and government regulators on continuous environmental improvement plans as well as strengthening supply chain and local community relationships,” said Glenn Cooke, CEO of Cooke Inc.“We intend to make strategic investments in engineering, science and technology to further enhance Tassal’s capabilities, in addition to growing their sales reach through leveraging our worldwide seafood distribution channels.”
Tassal’s salmon farms span five marine zones, four freshwater hatcheries and four processing facilities in Tasmania, while prawn farming, processing and seafood processing is undertaken in New South Wales and Queensland.
“Combining our two companies’ people-first cultures and our shared passion for producing top quality seafood, is a natural fit. A future acquisition by Cooke enables Tassal to fast-track our goal to be one of the world’s most transparent and sustainable protein producers,” said Mark Ryan, managing director and CEO of Tassal.