Pacifico Aquaculture, a striped bass farming business, has secured investment to establish a new fish nursery along the coast of Mexico. The funding comprises project financing from sustainable investment firm Equilibrium Capital and a significant stake acquired by a consortium led by Butterfly Equity. Pacifico Aquaculture plans to use the funds to expand its production capacity and meet the growing market demand for sustainably raised striped bass.
Butterfly Equity is not new to Pacifico Aquaculture, having previously invested in the company in 2017. The latest capital raise will enable the company, established in 2010, to build a state-of-the-art nursery facility in the Mexican state of Baja California.
Pacifico Aquaculture claims to be the only commercial producer of ocean-raised striped bass, a sought-after species in the global aquaculture industry. With an investment of this magnitude, the company aims to scale up its annual production capacity to 20,000 metric tons, supplying restaurants and retailers across North America.
Per-Roar Gjerde, the CEO of Pacifico Aquaculture, is excited about the investment, stating that it will allow the company to meet the increasing demand for healthy and nutritious seafood. He also expressed gratitude towards Equilibrium and Butterfly Equity for their support in Pacifico’s growth journey.
Recognized for its sustainability efforts, Pacifico Aquaculture has achieved a four-star rating, making it the first fish farm in Mexico to achieve such recognition under the Best Aquaculture Practices certification. The company has exclusive rights to farm in Isla Todos Santos, Ensenada, Baja California, as part of the Pacific Islands Biosphere Reserve, through a partnership with the Mexican government.
With the rising popularity of striped bass in the US, Pacifico Aquaculture aims to tackle the limited availability of the species due to overfishing, quota constraints, and seasonality. Dustin Beck, joint CEO and co-founder of Butterfly Equity, believes that this investment signifies a significant milestone in sustainable aquaculture’s growth in North America and highlights the immense potential for further expansion.
Just Food has contacted Pacifico Aquaculture to gather more information on its financial performance, growth rates, and the nature of Butterfly Equity’s previous investment.
Nick Houshower, managing director at Equilibrium Capital, commended Pacifico Aquaculture as a leader in sustainable aquaculture and anticipates that the new hatchery will take the company’s production capabilities to new heights.
