Kats, the Netherlands-based Kingfish Company has successfully raised EUR 21 million (USD 24.6 million) as part of a financial restructuring of the company.
The company said the funds were raised through a private placement of over 392 million ordinary shares, and that it is planning a subsequent offering for another potential EUR 4 million (USD 4.7 million) in gross proceeds.
The company said the private placement is part of a strategic financial restructuring which should result in a simplified capital structure and reduction of net debt. Kingfish announced earlier this year that it expected to be in non-compliance with its EBITDA financial covenant at year-end 2025, following a “softer” Q4 2025 than it anticipated.
The company also said it had to revise its original expectations of being cash flow positive in 2026.
Kingfish said the new restructure will bring investment company Eyrir on board as Kingfish’s main shareholder, and that the effort is supported by its existing shareholders and long-term backers of the company.
“This transaction represents an important milestone for The Kingfish Company. Over the past months, we have worked intensively with our lenders, shareholders and new investors to establish a long -term capital structure that supports the continued development of the business,” Kingfish CEO Vincent Erenst said in a release. “We are particularly pleased to welcome Eyrir as a new major shareholder. Eyrir brings an impressive entrepreneurial track record in developing and scaling businesses over the long term. We believe this experience and mindset are an excellent match with Kingfish’s passion, ambition and long -term vision for sustainable aquaculture.”
Eyrir Chair Arni Thordarson said Kingfish’s work in the recirculating aquaculture system space has positioned it to deliver fish in a “responsible and scalable way.”
“At Eyrir, we bring more than capital: we bring long-term commitment, strategic support and active partnership,” Thordarson said. “We look forward to working with management and fellow shareholders to support the company’s next phase of growth and create sustainable long-term value for all stakeholders.”
The company is also converting its convertible loan agreement into new shares, in an agreement with the company’s largest lender, which will also include extending the maturity of the agreement by 24 months.
“The combination of new equity, the conversion of the convertible loan and the contemplated amendment of the senior facilities agreement is expected to significantly strengthen the Company’s balance sheet, improve liquidity, and provide a more stable financial platform for future growth,” Kingfish Chair Jeroen Scheelbeek said. “This transaction is expected to mark the beginning of a new era for Kingfish, providing the foundation to accelerate its next phase of development.”
