The Netherlands-based yellowtail producer The Kingfish Company NV has entered into a Senior Facilities Agreement with P Capital Partners AB (PCP) for a five-year ESG-linked €75 million bilateral debt facility.
“With funding secured to reach 3,500 tonnes annual capacity in The Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimise growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan,” said Ohad Maiman, CEO of The Kingfish Company.
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.
It also includes an uncommitted facility of €37.5 million to finance part of the capital cost for a future phase 3 build-out in the Netherlands.
“Following constructive dialogues with banks and financial investors and several potential financing indications, we are pleased to partner with PCP to fund our ongoing growth in Europe. PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery,” Maiman said.
“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. We are excited to be partnering with an industry leader such as The Kingfish Company,” said Daniel Sachs, CEO, P Capital Partners AB.
Based on recirculating aquaculture systems (RAS), the current annual production capacity at the Kingfish Zeeland facility is 1,500 tonnes of yellowtail kingfish. This capacity is expected to reach 3,500 tonnes in the second-half of 2022. Meanwhile, in the US, permission for the company’s 8,500-tonne capacity facility is progressing as planned.
