Investment firm acquires Pacifico Aquaculture
A Los Angeles-based private equity firm specializing in the food sector says it has acquired Pacifico Aquaculture based in Ensenada, Baja California, Mexico.
The terms of the transaction were not disclosed.
Founded in 2010, Pacifico Aquaculture is permitted to grow several types of species on their farm site but the company has found its niche in the "true" striped bass (non-hybrid) — Morone saxitallis — for markets in the United States and the Americas.
The investment firm is Butterfly Equity, which its website says specializes in the food sector “spanning the entire food value chain from ‘seed to fork’ via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice.”
"This is an exciting new chapter for Pacifico and we look forward to our partnership with the Butterfly team," said Omar Alfi and Daniel Farag, Co-CEOs of Pacifico. "Butterfly understands our business well and shares our vision for the future, and we are excited to have a partner with deep industry expertise in the food sector."
"The future for sustainable ocean-raised aquaculture is extraordinarily bright and we are excited to back the Pacifico team to help expand their reach throughout North America and around the world," said Adam Waglay, who co-founded Butterfly alongside Dustin Beck.