An integrated aquaculture company in Sub Saharan Africa has attracted sustainable aquaculture fund, Aqua-Spark as a new cornerstone investor.
Together with Norwegian investment fund, NORFUND, Aqua-Spark is investing US$7 million in the growth of Lake Harvest’s tilapia operations in Zimbabwe, Zambia and Uganda.
Established in 1997, Lake Harvest has its own distribution network and processing plant, operating in three countries and with a sales and distribution presence in seven. Chief executive, James de la Fargue, welcomed Aqua-Spark’s investment. “Their values and vision are aligned with the remaining shareholders,” he said. “Aqua-Spark has a long-term investment approach towards sustainable aquaculture and, with its new fund, will focus on Africa in particular.”
Aqua-Spark is launching a subsidiary fund focused on building infrastructure that supports outgrower programmes to embed aquaculture in local and regional economies. Lake Harvest will be one of the key platforms that Aqua-Spark Africa will help to build.
Mike Velings and Amy Novogratz, co-founders and managing partners at Aqua-Spark, said that Lake Harvest had a strong presence across eastern and southern Africa. “We see ourselves as a committed partner and look forward to contributing to the future success of Lake Harvest and its people as well as the sustainable African aquaculture sector in general.”
With this investment, Aqua-Spark joins African Century Group (since 2008) and NORFUND (since 2013) as shareholders of Lake Harvest.
