Ontario Teachers’ acquires seafood company Atlantic Aqua Farms

Food acquisition news : Ontario Teachers’ Pension Plan has acquired seafood company Atlantic Aqua Farms from San Francisco-based private equity investment firm Encore Consumer Capital for an undisclosed price.

Based in Orwell Cove, Prince Edward Island, Atlantic Aqua Farms is the owner of the Canadian Cove brand mussels for more than 25 years.

According to Ontario Teachers’ Pension Plan, Atlantic Aqua Farms is the largest grower and processor of the Prince Edward Island blue mussels which it sells under Canadian Cove, Confederation Cove and J.P.’s Shellfish brand names. Atlantic Aqua Farms also sells a broad range of branded oysters, live Maine, clams, and Canadian lobster.

Atlantic Aqua Farms is a leading mussel producer in North America. Photo courtesy of Ontario Teachers’ Pension Plan.

Terry Ennis, the CEO of Atlantic Aqua Farms, talking on Ontario Teachers’ acquisition of the seafood company, said: “Ontario Teachers’ is a leader in environmental stewardship, corporate governance and social responsibility and with the benefit of Ontario Teachers’ vision and leadership we look forward to many more years of continued sustainable growth in the aquaculture sector as we strive to be market leaders in everything we do.”

The acquisition of Atlantic Aqua Farms is Ontario Teachers’ first seafood acquisition. It comes under the natural resources mandate of the Canadian pension plan to invest in the international food basket, with a particular focus on sustainable sources of food production.

Commenting on Ontario Teachers’ acquisition of Atlantic Aqua Farms, Andrew Claerhout who is the Senior Managing Director of the Infrastructure and Natural Resources at the pension plan, said: “Demand for protein is increasing, and in the context of land constraints and environmental considerations, aquaculture is among the most sustainable sources to meet this demand.

“Atlantic Aqua Farms has built a significant aquaculture platform, underscoring the significant opportunities for long-term growth in this space.”

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