Seafood farmer Quoddy Savour Seafood has been taken over by investment firm, Cadman Capital Group.
The takeover comes after Cadman’s acquisition of a stake in Urchinomics, a pioneering aquaculture venture that turns ecologically destructive sea urchins into seafood, helping restore dwindling kelp forests.
Urchinomics has been running trials of the technology at Quoddy Savour’s processing facility in Pennfield, New Brunswick, eastern Canada and has recently secured the world’s first kelp restoration blue carbon credit, issued after a successful research project in Kunisaki and Nagato, Japan.
Cadman’s involvement will help restore kelp across the Bay of Fundy and Canada’s east Coast. The facility is on a 33 acre (13.4 hectare) site next to the Bay of Fundy, part of the ‘golden triangle’ of north east Canada’s seafood industry, providing access to key markets in New York, Boston, Montreal and the north east coast. The site has the capacity to raise and hold lobsters and urchins, as well as other key local fish species.
James Dinsdale, chief executive of Cadman said that Quoddy Savour Seafood joins the group at an exciting time. “The acquisition reiterates our continued commitment to developing restorative aquaculture solutions to support the sustainable improvement of marine ecosystems,” he said.
