The Kingfish Company secures €75m loan for expansion
April 20, 2022 By Nestor Arellano
The Kingfish Company said a €75m bilateral loan is just received will finance its build-out in the Netherlands and bring the annual production of the land-based producer of yellowtail to 3,500 tons.
The company has as entered into a senior facilities agreement with P Capital Partners AB for a five-year, €75 million bilateral debt facility. The net proceeds from the debt facility will be used to repay existing debt, finance remaining capital expenditures related to phase 2A and 2B at the Netherlands facility, and fund working capital, according to a press release from The Kingfish Company.
“With funding secured to reach 3,500 tons annual capacity in The Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimize growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan”, said Ohad Maiman, chief executive officer of The Kingfish Company.
“PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery”, he added.
”PCP has been active in funding the sustainability transition of the economy for years. On-land aquaculture will play a key role in sustainable protein production globally,” said Daniel Sachs, CEO, P Capital Partners AB. “We are excited to be partnering with an industry leader such as The Kingfish Company.”
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