The Ontario Teachers’ Pension Plan has acquired Atlantic Aqua Farms (AAF), the largest grower of mussels in North America, from San Francisco-based Encore Consumer Capital. This is its first venture into the aquaculture business, and falls under a natural resources mandate to invest in the global food basket, with an eye on sustainable sources of food production.
“Demand for protein is increasing, and in the context of land constraints and environmental considerations, aquaculture is among the most sustainable sources to meet this demand,” said Andrew Claerhout, senior managing director-infrastructure and natural resources. “Atlantic Aqua Farms has built a significant aquaculture platform, underscoring the significant opportunities for long-term growth in this space.”
AAF has been supplying North American consumers with its Canadian Cove brand mussels for over 25 years. Headquartered in Orwell Cove, Prince Edward Island, the company is the largest grower and processor of high-quality PEI blue mussels under the brand names Canadian Cove, Confederation Cove and J.P.’s Shellfish, and also offers a wide selection of branded oysters, clams, and Maine and Canadian lobster.
“The team at Atlantic Aqua Farms is very excited to be part of the Ontario Teachers’ global portfolio of companies and honored to be their first seafood acquisition,” said Terry Ennis, chief executive officer of Atlantic Aqua Farms. “Ontario Teachers is a leader in environmental stewardship, corporate governance and social responsibility.”
The Toronto-headquartered Ontario Teachers’ Pension Plan is Canada’s largest single-profession pension plan, with CAD$180.5 billion in net assets at June 30, 2017. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annualized gross rate of return of 10.1% since the Plan’s founding in 1990. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 318,000 active and retired teachers.
