June 30, 2021
Blue Star Foods acquires British Columbia, Canada RAS business
Blue Star Foods Corp. has completely acquired Taste of BC Aquafarms, a recirculating aquaculture system (RAS) salmon farming operation in Nanaimo, British Columbia, Canada.
Taste of BC Aquafarms was incorporated in 2010, and the company operates the oldest RAS facility in North America.
"We believe that RAS is the future of our industry and win-win for all the stakeholders involved in a seafood supply chain that is sustainable over the long-term," John Keeler, chief executive officer of Blue Star Foods, said. "We are excited to complete the acquisition of Taste of BC Aquafarms and to partner with the Atkinson family, who are pioneers in RAS farming for over a decade. They've built a proven and scalable model and we are excited to strategically fund their next level of growth and use our sales platform to market their delicious, sashimi-grade, steelhead salmon."
Blue Star first indicated it was pursuing an acquisition of Taste of Aquafarms in January when the former inked a term-sheet to acquire the company.
According to an 8-K filing by the company to the US Securities and Exchange Commission, Blue Star planned to acquire all shares possessed by Taste of BC's owners for C$4 million (US$3.2 million).
Keeler said the acquisition will help the company reach its internal production goals.
"We have as an internal company goal to be producing 21,000 metric tonnes of product by 2028," Keeler said. "One of the things you are going to be hearing from us in the future, is that Taste of BC is producing more RAS steelhead salmon that is being consumed in the marketplace than many of our publicly traded peers. We believe that when properly resourced, we are more likely to hit our production goals than other folks."