U.S. Yellow Perch Farm to Increase Production
Bell Aquaculture has retained investment bank SDR Ventures to raise $15 million in equity capital, the Albany, Ind., USA, yellow perch farm announced yesterBell Aquaculture has retained investment bank SDR Ventures to raise $15 million in equity capital, the Albany, Ind., USA, yellow perch farm announced yesterday.
The equity capital is the first step in allowing the United States’ largest yellow perch grower to increase annual production from 208,000 pounds of fillets to 8.5 million pounds by 2015, says Michael Miller, Bell Aquaculture’s president and COO.
The equity capital will augment the nearly $50 million of capital invested in the company so far, he adds.
Bell Aquaculture is building a 28,000-square-foot processing facility and corporate office in nearby Redkey, Ind., and the additional equity capital may create up to 197 jobs at the company, says Miller.
“The greatest difficulty for restaurants has been the availability of yellow perch out of Lake Michigan and Lake Erie — the two predominant lakes for supply of wild-caught yellow perch,” Miller explained during a recent radio interview.
Yellow perch, which has a mild, sweet flavor and firm, white flesh, is popular in the U.S. Midwest.
SDR Ventures of Denver, Colo., USA, specializes in mergers and acquisitions, private placements of capital and strategic advisory services for the privately-held marketplace. SDR has transaction and funding experience with lower middle-market companies in the manufacturing, business services and distribution industries.