Mexican consortium to buy Ocean Garden

Bancomext has agreed to sell Ocean Garden Products, a San Diego CA-based seafood importer and distributor, to a group of Mexican shrimp producers for US $15.1 million in cash and the assumption of debt totaling nearly US $100 million.

Rabobank International's Mexico and New York offices are advisors to the group on this deal. Bancomext, the Mexican national development bank, plans to sign the transaction December 13 and close in February 2006.

Ocean Garden handles roughly one-quarter of Mexico's shrimp production, with sales of around US $250 million.

The group acquiring Ocean Garden consists of Mexico-based producers Acuícola Boca, Granjas AquaTech, and Grupo Industrial Pesquero Mexicano.