On May 12th, Eyrir announced a €15 million investment in The Kingfish Company B.V., a Dutch aquaculture company specializing in land-based yellowtail farming using a Recirculating Aquaculture System (RAS) in Zeeland, Netherlands. Kingfish sells its products to high-end markets, including fine dining restaurants across Europe, and has established itself as a leader in sustainable land-based aquaculture of valuable fish species. The company was founded in 2015 and currently has a production capacity of approximately 3,600 tons per year. Kingfish is listed on the Euronext Growth market in Oslo.
Eyrir's investment is made through a newly established company, Eyrir Blue Farms, which focuses on investments in land-based aquaculture companies at later stages of their startup development or during their initial growth phases. Eyrir Blue Farms will invest €15 million in a private placement totaling €21 million. Alongside the placement, Kingfish's capital structure will be simplified, including the conversion of outstanding principal of a €49 million convertible bond into equity by its holders, and the company's main lender will extend existing financing. Upon completion of the transaction, Eyrir will become the largest shareholder in Kingfish and will also take a seat on the company's board.
"The Kingfish Company has built a strong and differentiated platform, underpinned by a highly capable team and a clear commitment to quality, innovation and sustainability. The company serves local restaurants and retailers across Europe with premium kingfish yellowtail produced through a fully integrated value chain.
Its disciplined investment in advanced technology and a land-based RAS system using fresh seawater and renewable energy positions the business to deliver superior-quality fish in a responsible and scalable way. At Eyrir, we bring more than capital: we bring long-term commitment, strategic support and active partnership. We look forward to working with management and fellow shareholders to support the company’s next phase of growth and create sustainable long-term value for all stakeholders."
Arctica Finance and AX Legal Services advised Eyrir in the private placement and on the restructuring of Kingfish's finances. ABG Sundal Collier was the financial advisor to Kingfish.
Further information on the company and the transaction can be found here:
