- Acquisition marks Ontario Teachers' first venture into Aquaculture
TORONTO, Nov. 17, 2017 /PRNewswire/ - Ontario Teachers' Pension Plan (Ontario Teachers') today announced the acquisition of Atlantic Aqua Farms, the largest grower of live mussels in North America, from San Francisco-based Encore Consumer Capital.
The purchase of Atlantic Aqua Farms 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.
"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," said Andrew Claerhout, Senior Managing Director, Infrastructure and Natural Resources. "Atlantic Aqua Farms has built a significant aquaculture platform, underscoring the significant opportunities for long-term growth in this space."
PEI-based Atlantic Aqua Farms has been supplying North American consumers with its Canadian Cove brand mussels for over 25 years. Headquartered in Orwell Cove, Prince Edward Island, the company is the largest grower and processor of the widely-recognized, high-quality Prince Edward Island blue mussels under the brand names Canadian Cove, Confederation Cove and J.P.'s Shellfish, and also offers a wide selection of branded oysters, clams, and live Maine and Canadian lobster.
"The team at Atlantic Aqua Farms is very excited to be part of the Ontario Teachers' global portfolio of companies and honored to be their first seafood acquisition," said Terry Ennis, CEO of Atlantic Aqua Farms. "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."
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with CAD$180.5 billion in net assets at June 30, 2017. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annualized gross rate of return of 10.1% since the Plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 318,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Atlantic Aqua Farms:
AAF 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 Ontario Teachers' Pension Plan