Ontario Teachers’ Pension Plan closed first aquaculture acquisition, acquiring PEI’s Atlantic Aqua Farms from Encore Consumer Capital
Ontario Teachers’ Pension Plan (OTPP, Ontario Teachers’) has acquired Atlantic Aqua Farms (AAF), the largest grower of live mussels in North America, from Encore Consumer Capital of San Francisco. Financial terms were not disclosed.
Orwell Cove, Prince Edward Island based Atlantic Aqua Farms will continue to be led by CEO Terry Ennis and his management team.
William Blair provided strategic and financial advisory services to AAF and Encore, while Blake, Cassels & Graydon LLP acted as legal counsel.
Encore Consumer Capital acquired Atlantic Aqua Farms in 2008 and has since made addon acquisitions including J.P.’s Shellfish of Maine, Confederation Cove Mussels and Stewart Mussel Farm.
The Atlantic Aqua Farms acquisition marks Ontario Teachers’ first venture into the realm of aquaculture, and falls under its natural resources mandate to invest in the global food basket, with an eye on sustainable sources of food production.
Atlantic Aqua Farms is the largest grower and processor of the widely-recognized, high-quality Prince Edward Island mussels under the brand names Canadian Cove and Confederation Cove, and also offers a wide selection of branded oysters, clams, and live Maine and Canadian lobster.
Source: OTPP ventures into aquaculture, buying PEI’s Atlantic Aqua Farms from Encore – Private Capital Journal