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History

 

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After 50 years of experience in the metalworking industry, through participation in Cimet-Sindelen, Ipac, Hunter Douglas, and Veneval, the Montanari Mazzarelli brothers could see a far more promising future in Chile’s food industry thanks to the country’s great advantages over its peers.

For this reason, in 1987 they create the Inversiones y Tecnología Limitada (Investments & Technology Company) holding, a company aimed at developing this potential in the food industry, incorporating technology and added value. Invertec Pesquera Mar de Chiloé S.A was created under this holding and set out to take advantage of the potential of Chile’s oceans.



Invertec Pesquera Mar de Chiloé S.A started its activities in 1988. Its first priority is to develop and produce salmon-based products, conceived with the final customer in mind. Given this mission, they focus on mass distribution channels such as supermarkets, restaurants and hotels.

The challenge of making a high quality, value-added product made vertical integration into salmon production and commercialization channels absolutely necessary. Otherwise, it would have been very difficult to increase production volume from 30 tons in 1990 to 22,647 tons WFE in 2008. To this end, the company began a process of integration into each of the stages of the chain, acquiring and developing a variety of related businesses over the years.

In 1993, the Company secured the involvement of Invertec Seafood S.A., a company that has a modern, ocean-product processing plant, adding value for human consumption. Later on, Invertec Pesquera Mar de Chiloé increased its stake in Invertec Seafood S.A. to 99.96%.

As a way of continuing its integration into the salmon-industry production line process, the Company acquired a 50% interest in Salmofood S.A. by way of its affiliate Invertec Seafood. Salmofood S.A. is a Chilean-owned salmon feed company. It is also dedicated to researching the effects of the salmon industry on the environment.

In 1996, the Company acquired 99.9% of Acuicultura Lago Verde Ltda., a company that has all the necessary facilities for obtaining and receiving eggs, juveniles and smolts, thereby development the first part of the salmon production cycle. Additionally, in 1998, they increased their involvement in Smoltecnics S.A., a company working in the same business.

During the year 2000, in hopes of participating in production opportunities available in the aquaculture industry, the company acquired 66% of Invertec Ostimar S.A. Currently, their involvement is 80%. Invertec Ostimar is a company dedicated to the production of scallops and mollusks in Region IV whose administration is independent from the matrix. In 2005, when clients asked for the opportunity to become shareholders, the company went public on the stock exchange (Bolsa de Comercio de Santiago) and hundreds of minority shareholders joined forces.

In 2006, Invertec Pacific Seafood S.A. began to cultivate scallops for Invertec Ostimar S.A. and in January of 2007, Invertec Ostimar S.A. acquired Viveros Marinos S.A., which contributes a significant number of maritime concessions to the scallop cultivation operation.

In 2008, Invertec Pesquera Mar de Chiloé finalized its investment plan that managed to double the company’s production capacity. The most important milestone was the completion of the recirculating aquaculture system in Lago Verde. This fish farming technique allows one to control the environment in which the salmon grow with the goal of insuring that, when entering the sea, the fish will be in the best of conditions and survive the illnesses they confront.

In 2009, the company was severely affected by the ISA virus which led it to refinance its debt with the bank and indefinitely postpone its plans for expansion.

In 2010 the company was able to increase its capital due to a public offering of 56,000,000 shares. Proceeds were earmarked for future growth, especially for hatching over the following two years.

The issuance of these shares increased the total number of shares from 232,805,366 to 288,805,366 and approximately 37.2 million US Dollars were collected.

Most recently, the company passed the 21,000-ton mark with its 2011 harvest, taking up the reins of growth once again and for the first time achieved consolidated revenues of over 120 million US Dollars.

In 2012 , in order to simplify the corporate structure to the overall market and achieve economic efficiencies , the company made several changes to the corporate structure . The company changed its name Invertec Pesquera Mar de Chiloe SA to Invermar SA Then they merged to Invermar SA and dissolved companies Aquaculture Lago Verde Ltda Invertec Seafood SA and Cexpromar Ltd. In September 2012, the company sold its 50 % stake in the food company Salmofood SA Alicorp SAA . The amount of the transaction was U.S. $ 64 million , corresponding to
Invermar SA U.S. $ 32 million.
 
The year 2012 , the company surpassed the 31,000 tons of vintage and historical consolidated turnover reached over U.S. $ 147 million .
 
During 2013, the company Cupquelán Salmon SA , a subsidiary of the Canadian company Cooke Aquaculture Inc., made ??an offer to acquire the company Inversiones Limitada and Technology, the entire equity interest in the latter has Invermar , representative of 54 07 % of all shares.
 
In July 2013 because, within the time agreed by the parties , not all of the conditions precedent of hanging the contract were fulfilled , this I lapsed .