New York-based hedge fund, Broadbill Investment Partners, has acquired a 3.69% stake in Spanish seafood group, Pescanova for an undisclosed amount. The group, which exited bankruptcy in May 2014, and is now under the control of its bank creditors, has released its earning update, posting €1.6 billion in net profit, despite sales for the first 11 months of 2014 being €901 million. The discrepancy is due to the inclusion of the company’s debt write-off which was part of its granted restructuring approval. For the year ending November 30, 2014, the multinational group reported earnings before interest, tax, depreciation, and amortization (ebitda) of €63.4 million – up 72.2% year on year over 2013. After Broadbill’s acquisition, former company chairman, Manuel Fernandez de Sousa is the largest Pescanova shareholder with 7.5% of shares, followed by Spanish heiress Carolina Herrero Masaveu with 7.1%, and Spanish brewery, Damm with 6.2%.
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