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The Kingfish Company

Year of Investment 2019

Description of the portfolio company

When capacity constraints force an established industry, like marine seafood, to go through a paradigm shift, the change can be significant. The Kingfish Company has challenged traditional production methods by designing, constructing, and operating advanced land-based RAS fish farming systems, aimed at producing and supplying sustainable, high-value Yellowtail Kingfish to the European and American market. Its productivity figures are leading in the industry, all the while maintaining a strong sustainability track record: (i) no antibiotics, no vaccines, (ii) 100% renewable electricity, (iii) fresh water conservation, by operating on sea water, (iv) bio security, by special waste water treatment ensuring no biological impact from the farm to its natural surroundings, and (v) bio diversity protection and animal welfare.

Investment rationale

Rabo Investments helps The Kingfish Company advance its first mover position in technology driven aquaculture and continue to establish itself as a market leader in the sustainable production of high value marine seafood. After completion of its facility expansion in Zeeland (NL) which increases its production capacity from 1,500 tonnes to 3,500 tonnes, the company is well underway to becoming cash flow positive. Subsequently, the company has even larger ambitions to expand both in Europe and in Maine (USA). RI is the second largest shareholder, has a representative in the Supervisory Board, and has been a long-term supporter of the company. The company is listed in Oslo, on Euronext Growth.

Quote by management

“Rabobank has been a key partner since the founding of The Kingfish Company in 2015, which was further bolstered by Rabo Investments joining as an active shareholder and board member in 2019. As a first mover in technology driven land-based aquaculture, the team at Rabobank has supported our vision every step of the way; from a plot of land, to becoming the largest European Dutch Yellowtail fish farm. RI is a reliable partner who has proven to be proactive and flexible in finding solutions that support us in achieving our long-term ambitions. We thank them for helping us to become a market leader in the sustainable production of high value marine seafood.”

Vincent Erenst (CEO)