Ocean 14 Capital Fund has signed an agreement to acquire a controlling stake in Singapore-based shrimp genetics company SyAqua from Golden Springs Group.
The transaction is worth USD 12 million (EUR 12.5 million), Ocean 14, a Luxembourg-headquartered private equity impact investment firm, said in a 13 June press release, without providing the exact number of shares it will own in SyAqua.
SyAqua specializes in genetics and early nutrition in the shrimp hatchery sector, with operations in the U.S., Thailand, Indonesia, and Malaysia, and other major shrimp-producing nations..
Ocean 14 – a partnership between the founders of Pontos Aqua, the Blue Marine Foundation, and Vedra Partners – was established to invest in businesses that create a positive impact on the oceans. In December 2021, the fund announced it had raised EUR 80 million (USD 83.4 million) of an expected EUR 150 million (USD 156.4 million) it intends to use toward building a portfolio of 20 to 25 holdings “that offer both environmental benefits for oceans and competitive financial gains for investors.”
Ocean 14’s investment in SyAqua will support the sustainable intensification in the shrimp-farming industry, which suffers from inefficient resource use, Ocean 14 Founding Partner George Duffield said.
“SyAqua‘s technologies in genetics and nutrition have a powerful impact on sustainable intensification of the shrimp industry by reducing waste per unit of production and the ensuing externalities,” Duffield said.
Ocean 14 Founding Partner and Chief Investment Officer Francisco Saraiva Gomes said with the latest investment, the fund has “ambitious plans” for SyAqua.
“We have ambitious plans for SyAqua and are tremendously happy for the fund to be partnering up with Golden Springs Group and the SyAqua company’s management team,” Gomes said. “SyAqua is in growth mode, quickly increasing its performance by leveraging its superior market presence and tech platforms. Over time, we plan to build SyAqua into a platform for sustainable shrimp technologies and we hope that the fund will invest significantly more than its initial commitment of USD 12 million.”
SyAqua CEO Ricardo Mello said Ocean 14’s industry knowledge, funding, and execution ability will enable it to expand its international footprint and technology portfolio.
“We are excited to be partnering with Ocean 14 Capital. They have already shown an incredible commitment to our team and business,” Mello said.
Photo courtesy of Ocean 14 Capital Fund
