Grupo Nueva Pescanova has sold a sushi sales company founded in 2018 to its original joint venture (JV) partner, Faro de Vigo reported.
Kabuki, which partnered with Pescanova on the venture, has taken control of Katei Alimentacion, which the two founded for the development of sushi in retail and foodservice.
Earlier this year, Pescanova took over 100% of Katei, moving its headquarters from Madrid to Chapela. With Spanish retailer Mercadona as its main customer, the sushi firm went from sales of €46,500 in 2018 to almost €13.3 million in 2019, according to the report filed with the mercantile registry.
Pescanova has now sold the company back to Kabuki, according to Faro.
Katei's contribution to Pescanova's total turnover was not significant. The group, now controlled by Abanca, reported €1.057 billion in consolidated sales last year, up 8% year-on-year. Fishing operations accounted for 42.6% of the total, while prepared products contributed to around 12% of the turnover, Faro pointed out. However, the group's net profit for the year was a loss of €41m, La Voz de Galicia reported.
Earlier this year, Abanca acquired 39.8% of Nueva Pescanova's capital from Banco Sabadell and CaixaBank, increasing its position in the Galician fishing company to 80.46%, Europa Press reported.
The company did not reply to a request for comment from Undercurrent News on Oct. 5.
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October 05, 2020 at 04:50PM
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Pescanova sells Mercadona sushi supplier to original JV partner - Undercurrent News
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