November 3, 2023

 

Investment boosts Pacifico Aquaculture's nursery expansion in Mexico

Pacifico Aquaculture has secured investments to finance a new fish nursery located off the coast of Mexico, with project financing coming from Equilibrium Capital and a consortium led by Los Angeles, US private-equity firm Butterfly Equity, Just Food reported.

 

Founded in 2010, Pacifico Aquaculture is the sole commercial producer of ocean-raised striped bass in the world, a premium species in the US$290 billion global aquaculture industry. The company’s facility is situated in the Mexican state of Baja California, and they supply sustainably-raised striped bass to restaurants and retailers across North America.

 

The raised capital will enable the company to expand its production capacity and meet the increasing market demand for this premium fish.

 

The chief executive officer of Pacifico Aquaculture, Per-Roar Gjerde, expressed excitement about this investment, stating that it would allow them to build a cutting-edge nursery facility and unlock an additional 20,000 metric tonnes of annual production capacity, effectively addressing the growing global demand for healthy and nutritious seafood.

 

Pacifico Aquaculture has a strong commitment to sustainability and holds a four-star Best Aquaculture Practises (BAP) certification, which it claims is a first for a fish farm in Mexico.

 

The company has exclusive rights, in partnership with the Mexican government, to farm in the marine sanctuary of Isla Todos Santos, Ensenada, Baja California, situated in the Pacific Islands Biosphere Reserve, covering over 2.7 million acres. Striped bass has gained popularity in the US, but its availability has been limited due to overfishing, quota constraints, and seasonality.

 

Butterfly Equity's joint chief executive officer and co-founder, Dustin Beck, sees this investment as a significant moment for sustainable aquaculture growth in North America, emphasising the substantial growth Pacifico has witnessed since their initial investment and their belief in the company's ongoing growth potential.

 

Butterfly Equity is a returning investor, having previously invested in Pacifico Aquaculture in 2017.

 

-      Just Food