The investment is part of a larger capital raise by Andfjord, expected to close May 2024.
North American frozen seafood giant High Liner Foods has announced a $10 million investment in land-based producer Andfjord Salmon.
In exchange for the investment, High Liner Foods will receive approximately 4.5% share ownership in Andfjord. The investment will be made from cash generated from operations and is part of a larger capital raise by Andfjord, expected to close in May 2024.
“Salmon is an important growth species for High Liner Foods, and we believe that land-based aquaculture will become an important component of the global salmon supply chain that will help bridge the gap between supply and demand,” said Paul Jewer, President and Chief Executive Officer at High Liner Foods.
“Today’s modest investment will give High Liner Foods a platform to gain operational insights and experience in land-based aquaculture as part of our ongoing efforts to meet the growing consumer demand for sustainably sourced and eco-friendly seafood products.”
Jewer continued, “We feel that Andfjord is an ideal partner that possesses the proven technology and experience High Liner Foods can work with and learn from, as we focus our efforts on growing our Atlantic Salmon business in North America.”
He added that participation in the private placement allows the company to gain exposure to this innovative approach to salmon farming. Andfjord has ambitious expansion plans, targeting a production capacity of 40,000 tonnes by 2030, and aims to scale up production capacity while significantly maintaining lower operating expenses.
High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods’ retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores.
The company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood, and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors.
High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.
