Auburn, New York, U.S.A.-based coho salmon producer LocalCoho has named Michael Fabbro its new CEO, and announced it recently received a USD 500,000 (EUR 461,500) New York state development grant to commercialize its facilities.
LocalCoho, formerly known as Finger Lakes Fish, is a recirculating aquaculture system (RAS) salmon operation in New York with a goal of farming 350 metric tons of salmon annually once its 43,000-square-foot facility in Auburn is completed.
Fabbro will succeed Phil Gibson, who was appointed CEO in 2020 and will continue to serve on the company’s board of directors. Previously, Fabbro led the launch of New Zealand King Salmon’s Ora King salmon brand in U.S. foodservice operations, and its Regal line of smoked salmon in retail.
LocalCoho had the first harvest at its pilot facility in 2019. Backed by a USD 4.6 million (EUR 4.2 million) Series A funding round in 2020, the company has recently started selling a small volume of its salmon to the wholesale market. Notable investors at the time were Jim Murphy, president of Grow Forward, a firm with a specialty in indoor agriculture; Bob Tobin, former CEO of Ahold USA; and Steve Koch, formerly with Credit Suisse, where he ran and chaired the global mergers and acquisitions business.
“It is very exciting to be at the beginning stages of salmon aquaculture in this country,” Fabbro said. “I look forward to working with our talented and passionate team to advance LocalCoho’s mission to build a local seafood company that provides sustainably-raised, premium salmon to American consumers.”
LocalCoho’s goal is to supply the local market – within a 300-mile radius – with fresh salmon. The facility became the world’s first RAS coho salmon farm to achieve Best Aquaculture Practices certification in 2019.
“We are fortunate to bring someone with Michael’s skills, vision, and operational expertise to lead LocalCoho at a pivotal time in our business. We look forward to benefiting from his insights and leadership as we continue to evolve and execute our strategies,” Local Coho Board Chair Robert Tobin said. “On behalf of the entire LocalCoho Board and organization, I want to thank Phil for his service and commitment to transforming LocalCoho over the last two critical years.”
Photo courtesy of LocalCoho
