Encore Consumer Capital has completed the sale of Atlantic Aqua Farms to Ontario Teachers’ Pension Plan.
Atlantic Aqua Farms (AAF) is the largest grower and processor of the Prince Edward Island blue mussel sold under the Canadian Cove and Confederation Cove brand names. The company also sells branded oysters, clams, and live Maine and Canadian lobster. Atlantic Aqua Farms was founded by Brian and Bob Fortune in 1989 and is headquartered in Vernon Bridge, PE (www.atlanticaquafarms.ca) (www.canadiancove.com) (www.confederationcove.com) (www.jpshellfish.com). Under Ontario Teachers’ Pension Plan ownership AAF will continue to be led by CEO Terry Ennis and the current senior management team.
“My colleagues and I have enjoyed working with Encore. In particular, we appreciate the support and horsepower that the Encore team contributed to help grow AAF through substantial investment in the operations and the team and through complementary acquisitions,” said Terry Ennis. “We look forward to partnering with our new colleagues at Ontario Teachers’ to continue on that growth path so that we can bring our quality shellfish products to more consumers.”
“We have thoroughly enjoyed our time partnering with AAF and are proud of the accomplishments that the company has made during this time under the leadership of Terry Ennis and his team,” said Kevin Murphy, a Managing Director of Encore Consumer Capital. “AAF is poised to continue to flourish under its new owners, Ontario Teachers’, and we look forward to watching as the company becomes an even more important player in the sustainably grown and harvested shellfish category.”
Encore Consumer Capital invests exclusively in consumer products companies that have revenues between $10 million and $100 million and where it can utilize its own consumer experience and the expertise of its operating partners at Encore Associates, a strategic advisory firm to the consumer products industry. The firm has raised nearly $600 million in equity capital and invested in 26 platform companies. Encore was founded in 2005 and is headquartered in San Francisco (www.encoreconsumercapital.com).
Ontario Teachers’ Pension Plan, led by President and Chief Executive Officer Ron Mock, and Chief Investment Officer Bjarne Graven Larsen, is one of Canada’s largest and most active pension investors with C$180 billion in net assets as of June 2017. Teachers’ portfolio of assets, 80% of which is managed in-house, has earned an annualized rate of return of 10.1% since the plan’s founding in 1990. Teachers’ has offices in Toronto, Hong Kong and London (www.otpp.com).
William Blair was the financial advisor to AAF and Encore on this transaction.
© 2017 Private Equity Professional | November 20, 2017
