Salmon under Management

Salmon farming is a very lucrative investment – but now there is a more sustainable alternative to traditional farming in the sea.

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Fish is not only healthy, it can also enhance investors’ returns. Salmon farming offers investment potential. The risks associated with raising salmon, especially from an environmental perspective, can be minimized by growing on land. Onshore rearing of the world’s most popular edible fish requires investment capital of an institutional size.

“The water rushes, the water swelled, a fisherman sat on it, looked after the fishing rod, cool to the heart,” wrote poet Johann Wolfgang von Goethe. Axel-Rainer Hoffmann, member of the executive committee of Volkswohl Bund, maintains a more pragmatic relationship with regard to fisheries: “Our investment in land-based salmon farming helps us to stabilize the return of our portfolio and further diversify our investment.” Having salmon in a portfolio, not just on your plate, can have a very satisfying effect, as shown by the performance of stocks of companies farming salmon in large sea-cages “nearshore” in Norwegian, Scottish or Chilean waters. In the loss-making 2018 financial year, Marine Harvest’s shares increased by 40 percent, “against the market current” so to speak. Marine Harvest is the largest salmon farmer with sales of almost four billion euros. Salmar, another salmon stock, even managed to almost double investors’ money – and all this in 2018! Salmon is not only tasty for consumers, but also investors.

More from the sea

These salmon companies are driven by the rising worldwide appetite for fish. Marine Harvest quotes data from the UN and the OECD: according to them, the world population will grow to nine billion people by 2050. It would require an additional 47.5 million tonnes of seafood, just to meet current levels of consumption. However, the consumption of fish is increasing. In 1980 consumption was 15 kilograms per capita per year but is expected to be 22 kilograms by 2026. However, this increasing demand is against a background of more and more highly fished and overfished seas and therefore leads increasingly to the need for farmed salmon. Another argument: farmed salmon needs much less land and feed than beef, pork and chicken. Food experts refer to salmon as “very efficient feed converters”. To produce one kilo of beef requires 6.8 kilograms of feed, but only 1.1 kilograms is required for a kilo of fish. These are astonishing ratios – also in light of climate change.

Can sea-farmed salmon farming be classified as a particularly sustainable investment? “Usually not,” says Martin Fothergill, co-founder and partner of Singapore-based 8F Investment Partners. “When farming salmon in the sea, there are big problems with disease and sea-lice. These parasites are harmful to the salmon, but also to the environment, as the salmon farmers administer chemicals such as antibiotics to the fish. As a result, the costs of production are growing faster than the output of fish.” Fothergill also highlights a mortality rate of 25 percent in the sea-cages. Environmental activists have long disliked the salmon cages and accuse the salmon farmers putting profits before welfare and the environment. Limits concerning parasite infestation, fish mortality and cages escapes are being broken. It is a well-known problem that sea-cage farmed salmon are full of antibiotics and can escape and then raid the territory of wild salmon species. Escapes are especially a problem for the ecosystem in Chile, where there is no natural existence of salmon.

In Chile, the weather phenomenon El Niño, which occurs every few years in the South Pacific, is an additional problem for salmon farming, causing higher fish deaths due to higher water temperatures. A common problem directly affecting consumers is the increasing water pollution from micro-plastics. These microplastics are also found in salmon from the sea. The high dividend yields of listed salmon farming companies can also be seen as one indicator for the risks of salmon farming. For example, Marine Harvest has a dividend yield of about six percent, despite its share price increase.

Although fish is considered healthy, it can have risks and side effects – also for investors. Salmon farmer Salmar is looking at offshore fish farming as an alternative to nearshore sea-cage farming. “Offshore fish farming aims to reduce the ecological footprint and improve the well-being of the fish, and to respond to the challenge of usable land,” says the salmon farmer, who wants to recognize a new era in the sustainable production of seafood with this project. However, offshore salmon farming on the high seas is much more complex and the transportation distance to consumers in southern Germany, China or the US is no shorter. Another option for investors may be to target a different point in the value chain. For example, Haniel has for a year now been diversifying its portfolio industry interests with Optimar, a company for automated fish processing systems. It develops, produces and installs solutions for use on ships, on land and for aquaculture. “Optimar offers its fishery and aquaculture customers sophisticated solutions, covering almost the entire value chain. Both the company and the market offer great potential for further growth. Thanks to its broad international presence and innovative strength, we see good opportunities to rapidly improve its strong market position”, said Haniel CEO Stephan Gemkow at the end of 2017.

Avoiding salmon lice and microplastics: Salmon farming on land

8F and Volkswohl Bund have opted for land-based Salmon Farming. 8F, the Fund Manager, has developed the project and is behind the operator Pure Salmon, which takes care of the day-to-day operations such as sourcing fish eggs, feed and product sales. Growing salmon on-land in warehouses, with 3 to 5-meter-deep tanks employing Recirculating Aquaculture System technology, allows fish in general (and salmon in particular) to be grown take advantage of high consumer demand but in a clinically pure environment without the problems described above.

“In our land-based facilities, we can optimize oxygen, temperature, salinity and PH, creating ideal conditions for the welfare and growth of our salmon,” explains Fothergill. A differentiating feature is that via the feed and the level of water current, the colour, fat content and consistency of the salmon can be adapted to the different tastes of consumers in Asia, Europe and America. For Fothergill, “indoor salmon” above all has both environmental and financial advantages and, furthermore, benefits from the fact that production is not limited by government cage-farming licenses. The fish are isolated from parasite infestation such as the lepeophtheirus salmonis (sea-lice) and microplastics, in an indoor bio-secure environment. Also, the distance to the consumer is much shorter. From the harvest in Canadian or Chilean waters to the consumer in Asia, the salmon takes a long time to travel – even by plane. “Fresh salmon is flown to the consumer. This can take a few days”, says Martin Fothergill. “Flying fish around the world is not only expensive from a financial point of view, but also creates a high carbon footprint.” However, if the salmon has been in transit for a few days, the shelf-life of the fish in the supermarket is also reduced. All in all, fresh salmon only lasts a little over a week. Therefore, a large part of salmon production has to be disposed of regularly. The “salmon margin” is therefore relatively volatile for retailers.

The approach of 8F’s first private equity fund is to produce 40,000 tonnes of salmon per year in land-based salmon farms situated close to the end consumer. In Poland, there is already a proof-of-concept farm with capacity of 580 tons, and in Japan another plant is due to be finished by 2021, which will then produce 10,000 tons of salmon per year in a controlled environment. 8F’s overall goal is to produce 260,000 tons per year through a series of private equity funds investing in farming facilities in Europe, the United States, China, Asia and the Middle East. According to Fothergill the cost of production of these facilities will be 40% lower than a traditional salmon farmer in Norway. “We eliminate the high costs of air freight, chemicals and antibiotics. After all, our fish are not exposed to possible pathogens in the ocean. Thus, our operating costs are much lower, and our production is much more predictable. Also, fluctuations in the salmon price can be relatively harmless to us.” According to Fothergill, most analysts however forecast a continuously rising salmon price. The mortality rate in these land-based facilities should be only five percent.

To the salmon farmers the risk is from other salmon farmers who could create an oversupply. However, this risk does not come from the traditional (sea-based) salmon farmers because they now have difficulties getting new licenses. It is expected that there will be more “Me too” land-based farming. Fothergill: “In the long term, land-based farming will become mainstream. At the moment we still have a first mover advantage and want to use this opportunity to roll-out our farming projects globally.” The fact that 8F opted for a global approach to salmon farming was not due to the personal preferences of the 8F team, who share a background at Deutsche Bank. “A high-quality fish also offers high margins. Salmon is also one of the few species that can be sold globally,” says Martin Fothergill. If, nevertheless, the demand for salmon ever reduces, then other fish could be bred in the same existing land-based facilities. Hence, there is a second-use capability for these facilities.

Published by Portfolio Institutionell

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Woopets.fr : Marly & Dan : des aliments au saumon écoresponsables, sains et savoureux pour votre chien ou chat

L’alimentation est une préoccupation majeure pour les propriétaires d’animaux, car la santé passe notamment par la gamelle. Par ailleurs, la population hexagonale est de plus en plus sensible au respect de l’environnement. Forte de ce constat, l’entreprise française Marly & Dan propose des produits alimentaires pour les chiens ainsi que les chats, qui sont de qualité et issus de l’élevage responsable.

Jonathan Busnelli

BNF Capital

Jonathan-Busnelli BNF CAPital

"Jonathan Busnelli: BNF Capital investor, ag-tech specialist, board advisor, dual-degree holder."


  • Mr. Jonathan Busnelli has over 5 years of experience in the Investment Team of BNF Capital, a single-family office based in London.

  • Jonathan’s expertise spans across sourcing new investment opportunities, in depth-market analysis, and strategic portfolio monitoring. Throughout his tenure, he’s been involved in over 10 investments primarily within the ag-tech, food-tech, and broader consumer sectors. He serves on the board of multiple companies, advising on strategy, business plan development and M&A.

  • Jonathan holds a BSc in Business Administration and Management from Bocconi University in Milan and a MSc in Political Science from the University of Amsterdam.

Pier Paolo Sfara

8F Asset Management

"16+ years in M&A and finance, roles at Tell Group and Swicorp, executed deals worth USD5 billion, triple master's holder."

  • Mr. Pier Paolo Sfara serves as Partner & Member of the Investment Team at 8F Asset Management. Pier Paolo has over 16 years of experience in sourcing and executing M&A, corporate/project finance, and private equity transactions in Europe and MENA.

  • Prior to joining 8F in 2021, he was a Director at Tell Group on various teams including private equity, corporate finance, and M&A and project finance, with private equity deal experience in Algeria, Morroco, and Tunisia. Prior to that, he was a Partner at Cornerstone, an investment and advisory firm based in the UAE and Saudi Arabia, heading M&A activities and working on strategic consultancy mandates.

  • Prior to that, he worked 7 years on the M&A corporate finance advisory team at Swicorp, a leading regional investment bank, participating in several high-profile cross-border M&A transactions, major capital raising and project finance, and restructuring transactions, for a combined value in excess of USD5 billion.

  • Prior to Swicorp, he was based in London and worked in the M&A team at Mooreland Partners (Stifel Corp.), a global boutique investment bank, advising several clients on buy-side and sell-side M&A transactions in the TMT industry. He studied Economics of Public Administration at Bocconi University in Milan and holds 3 Masters in Finance and Business from ESCP Business School and The City University, London.

JEFFREY LAU

8F Asset Management

"Over 17 years in legal counsel, led 8F's global legal team, expertise in Asia-Pacific private equity, trilingual, qualified in three jurisdictions."

  • More than 17 years of experience as legal counsel in private equity and corporate finance.
  • Based in Hong Kong and joined 8F Asset Management as Global Head of Legal, in Q4 2021.
  • Prior to 8F, was Senior Counsel with Coatue, a New York-based hedge fund and venture capital fund, where he was overseeing all legal and compliance matters in Asia, with a particular focus on the execution of venture and growth capital investments in China and India.
  • Prior to Coatue, spent more than 8 years at The Carlyle Group, where he was Director and Senior Counsel, and was responsible for legal, compliance and transactional matters for their Asia-Pacific funds and operations. During his time at Carlyle, actively participated in several high profile, highly successful and complex private equity transactions.
  • Started career at a magic circle law firm Clifford Chance, and later worked as in-house counsel at Morgan Stanley and C.V. Starr.
  • Holds Master of Laws and Bachelor of Commerce degrees from the University of New South Wales.
  • Fluent in English, Cantonese and Mandarin, and is a qualified lawyer in England and Wales, Australia (New South Wales) and Hong Kong.
  •  

Axel-Rainer Hoffmann

Volkswohl Bund

"Two decades in insurance, pivotal roles at AXA and Volkswohl, CFA and MBA."

  • Axel Hoffmann has 20 years of experience in insurance, reinsurance and asset management. Starting at Munich Re, he had responsibilities ranging from financial reinsurance, corporate finance, M&A, risk capital modelling and asset liability management to Solvency II. Afterwards, Axel served AXA Germany as director for asset liability management, investment strategy and alternative investments and then joined AXA Belgium as a board member and CIO, where he was part of AXA’s global CIO team, which is responsible for € 600 billion of insurance investments.

  • Since 2013, Axel has been a board member and CIO of Volkswohl Bund insurance group. Reshaping investment strategy, risk capital and adding new asset classes with a specific focus on alternative assets, which has been honoured with awards for best insurance company and best alternative assets investor (by portfolio institutionell magazine).

  • Axel holds a diploma in mathematics from Ludwig Maximilians University Munich and earned the M.B.A. degree at The College of Insurance, New York, N.Y. He is member of the German Actuarial Association (Aktuar DAV) and CFA charter holder.

     

Paul Miliotis

Partner at 8F Investment Partners/ Chairman at Pure Salmon France

"EMLV graduate, 16 years in banking, Santander and Deutsche Bank leader.""

  • Paul Miliotis has over 16 years of experience in investment banking and asset management including 13 years at Deutsche Bank. Prior to joining 8F, he was Executive Vice-President at Santander International heading the Ultra High Net Worth practice in Europe.

  • Prior to Santander, Paul was Director in Corporate Finance within the Financial Sponsors team at Deutsche Bank covering Sovereign Funds, Pension Funds and Family Offices. Previously, he was Director for the Alternatives & Fund Solutions group at DeAWM in the DB Private Equity team. Initially started at Deutsche Bank in Corporate Finance where he held various positions in the TMT and Real Estate, Gaming, Lodging and Leisure teams.

  • Paul graduated from EMLV in Paris with Master in Corporate Finance.

Karim Ghannam

Co-Founder & Partner at 8F Asset Management

" 20 years in banking, led billion-dollar asset ventures."

  • Karim Ghannam is based in Singapore and has 20 years of experience in fund management and investment banking. Karim was the Managing Director and Head of Alternatives & Fund solutions in Asia Pacific for Deutsche Asset & Wealth Management. Karim’s responsibilities included oversight of the bank’s hedge fund, private equity/private markets, third-party mutual funds and retirement/hybrids groups in the region. He was a member of the Alternatives and Fund Solutions Executive Committee and the Deutsche Asset & Wealth Management Asia Pacific Executive Committee.

  • Karim joined Deutsche Bank Group in 2011 with 14 years of industry experience. Prior to that, Karim was the global co-head of DB Private Equity & Private Markets – Deutsche Bank’s US$11 billion AUM primary, secondary and co-investment platform – and co-chair of the Global Investment Committee. He was the Global Head of Private Markets within Deutsche Bank’s Wealth Management business with overall responsibility for product selection, structuring and management within the private equity, real estate and credit space.

  • Before joining Deutsche Bank Group, Karim was at Argan Capital, a European mid-market private equity fund whose predecessor was Bank of America Capital Partners, where he spent 10 years, most recently as a Partner responsible for principal investments. Karim was a member of the investment committee at Argan Capital and helped oversee over €600m of investments. Karim led a number of European private equity deals, including structuring financing, implementing strategic change and exercising executive and board control. Prior to joining the Argan team in 2001, he worked with Merrill Lynch in London and Lehman Brothers in New York, where he concentrated on financing and M&A transactions for industrial growth, energy and power, and telecommunications companies.

  • Karim holds a Masters degree from the Ecole des Hautes Etudes Commerciales and a Bachelor of Commerce from McGill University.

Stephane Farouze

Founder & Chairman of Pure Salmon & 8F

"Over 25 years of investment experience"

  • Prior to founding of 8F and Pure Salmon, Stephane was Chairman of Alternatives for Deutsche Asset & Wealth Management. Before moving into that role, he was the Global Head of Alternatives and Fund Solutions and Member of the DeAWM Executive Committee. Stephane spent three years as a member of the Management Executive Committee for both Deutsche Asset Management and the Private Bank. As Head of Alternatives and Fund Solutions, Stephane’s team managed more than 200 professionals globally and was directly responsible for a total of US$50 billion of assets in Private Equity, Hedge Funds and Retirement Solutions.
  • Prior to that, Stephane served as the Global Head of Deutsche Bank’s Fund Derivatives and Hybrids Group within the Corporate Bank & Securities division, during which time the team was awarded the Risk Magazine award for ‘Hedge Fund Derivatives House of the Year’ 6 times in a row, the HFM award for ‘Best Overall Investment Platform’ and ‘Best Managed Account Platform’ twice, as well as various UCITS Platform and Product awards. In addition, Stephane was Awarded ‘Best Active Manager’ by Risk Magazine in 2002.
  • Before joining Deutsche Bank, Stephane was a Partner at Paradigm Global Advisors. He was also the Global Head of Sales and Structuring at Societe Generale Asset Management. Stephane has also worked at other financial institutions such as BNP, Commerzbank, Smith Barney and Paine Webber. Until 2009, Stephane was also a Director of Tarrant Apparel Group, a company listed on the Nasdaq since 2003.
  • Stephane holds Bachelor of Science in Applied Arts and Sciences and a Business Administration Degree in Finance from San Diego State University.

michael ruben

Global Head of Pet Nutrition

Michael-Ruben-Pure-Salmon-Pet-Nutrition-Expert

"18 years of experience in large Agri-tech-finance projects"

  • Pet Nutrition operations management, including planning, budget management, and coordinating all working parts of the division. Client-centric, results-oriented leader with a strong track record of performance in high-paced organizations. Utilize keen analysis, insights, and team approach to drive organizational improvements and implement best practices.
  • Michael firmly believes that pets deserve the best care and a balanced diet to enable them to live long and happy lives alongside us. Pure Salmon’s commitment to the health and well-being of pets is reflected in every product.
  • Former Managing Director of 4F investment Solutions in Tel Aviv, Israel, a leading Israeli consulting and third-party marketing firm within the Investment and Distribution areas.
  • Previously was the Founder and CEO of Hub-Square Ltd, Tel Aviv, Israel. Hub-Square was a B2B Cloud Provider specializing in Orchestration and Virtualization solutions. Michael has created a high-quality proprietary Cloud Platform with one of the most innovative orchestration tools for Desktop as a Service (DaaS).
  • Spent 7 years as Head of Wholesale Distribution at Robeco France, in Paris. Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds.
  • Michael holds a Master of Science – Bank, Finance & Insurance from the University of Paris X, and a Bachelor of Science – Economics & Finance from the University of Paris I Pantheon-Sorbonne.

FIONA LEWANDOWSKI

Global General Counsel

“Over 22+ years legal and compliance experience across various industry sectors"

Fiona is a qualified lawyer (LLB (hons)/ BA), general counsel, compliance officer, and c-suite executive with over 22 years of experience in both private practice and in-house with global multinationals, public companies, and local conglomerates in various industry sectors including energy/utilities, technology, and retail. Fiona has experience developing, managing, and leading global legal and compliance functions for companies operating in multiple jurisdictions.

Fiona’s international legal experience is diverse and includes working for multinational companies, such as Yahoo!, Tabreed, Palm Utilities, and Damas International. Fiona commenced her legal career in Australia, working as a legal officer at the Parliament of Victoria. Then she moved into private practice where she practiced as a corporate attorney for Australian and global law firms DLA Piper and Corrs Chambers Westgarth. Fiona holds a Bachelor of Laws Degree (Honours) (LLB), and a Bachelor of Arts Degree (BA).

Colin Mcdaid

Global Chief Financial Officer

"Over 25 years experience in senior positions in international companies including in the development, construction and aquaculture industries."

  • Was Chief Commercial and Financial Officer (CCO/CFO) at Turner International Middle East for five years. TiME is a project and construction management consultancy active across the Middle East and known for complex mega projects such as Burj Khalifa, Dubai Mall and the Louvre, Abu Dhabi.

  • Was Head of Finance at Msheireb Properties for four years, a start up company, financing and developing the USD6 billion Msheireb Downtown Doha development in Qatar.

  • Was Group Financial Controller and Investor Relations Officer at Cermaq PLC for seven years. Working on establishing and running the corporate control environment, acquiring and integrating farming subsidiaries and supporting the business through listing in Oslo.

  • Colin holds a Bachelor of Commerce degree from the University of Edinburgh, a Master of Laws degree from Northwestern University and an MBA degree from ESCP.

  • A member of the Institute of Chartered Accountants of Scotland (ICAS), Colin began his career with Arthur Andersen based in Edinburgh.

Xavier Govare

Chairman, Pure Salmon France

"Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group."

  • Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group.
  • Chairman and CEO of the Labeyrie Fine Foods Group since 2002, Chief Executive Officer since 2000, and Sales and Marketing Director from 1989 to 1999. Significant shareholder of the LFF Group since 1999.
  • Business leader who led the creation, in 27 years, of Labeyrie Fine Foods, a well-recognised food group, through aggressive organic growth policies, as well as 12 acquisitions and creation of synergies:
  • Turnover increased from EUR 30M in 1989 to EUR 1.1 Billion in 2016
  • EBITDA X 30 in 25 years
  • Expert in strategic vision, marketing strategy, brand development, private label, sales strategy, product innovation, as well as in P&L, and Working Capital & Investment management.
  • Excellent knowledge of European markets, of food customers and consumers in supermarkets, in food service distribution, and in specialised channels.
  • Great knowledge of the industrial food sector with more than 20 factories under management.
  • Expert in bank financing and high-yield debt raising.
  • Experiences with 3 types of shareholders: Listed company (France and Iceland), Company under LBO (3 different sponsors), Private company (foreign shareholders).

LFF Group’s main companies: Lyons Seafoods, Farne of Scotland, Labeyrie, King Cuisine, Père Olive, Blini, Le traiteur Grec, Delpierre, Labeyrie Traiteur Frozen, Salé Sucré.

Track Record: 

  • Building of a benchmark food group in Europe with the vision of being the leader of Pleasure and Trendy Food sector.
  • Turned around a loss making company in 1989 into a solidly and continuously profitable company for the last 25 years since then.
  • Internationalization of the LFF Group. Exclusively French until 2000, LFF is today international with 45% of turnover originated outside of France.
  • Business diversification: smoked salmon and foie gras until 2000, multi-product and multi-market today.
  • Building, year after year, of solid leadership positions in all its markets and in several countries, with very strong brands in terms of image and reputation: Labeyrie, Blini, Delpierre, Farne of Scotland, Lyons Seafoods, Père Olive, etc.
  • Successful and continuous management of the Group with 6 shareholding changes over the last 17 years and several refinancing of all types.
  • Creation of a very professional management team, that is committed, senior, and loyal to the group, with a shareholding stake of up to 15%.
  • Close and regular management of a team of 7 General Managers, each in charge of their Business Unit and surrounded by a comprehensive management teams.
  • Management of the Group’s Finance and Administration Unit in charge of group financing, of the consolidation of Business Units’ results, of group management control, and of shared support functions between the Business Units.
  • Responsible for the management of the industrial Investment plan of EUR 35M per year.
  • Performance management within highly framing Business Plans and Budgets.

Directorships: Snacks International, SIA Group Savencia Fromages and Dairy, Logismose Meyers Denmark, Alliance Etiquettes and Family Service.

  • Over 30 years of experience in the food industry, including 15 years as Chairman and CEO of Labeyrie Fine Foods (LFF) Group.
  • Chairman and CEO of the Labeyrie Fine Foods Group since 2002, Chief Executive Officer since 2000, and Sales and Marketing Director from 1989 to 1999. Significant shareholder of the LFF Group since 1999.
  • Business leader who led the creation, in 27 years, of Labeyrie Fine Foods, a well-recognised food group, through aggressive organic growth policies, as well as 12 acquisitions and creation of synergies:
    o Turnover increased from EUR 30M in 1989 to EUR 1.1 Billion in 2016
    o EBITDA X 30 in 25 years
  • Expert in strategic vision, marketing strategy, brand development, private label, sales strategy, product innovation, as well as in P&L, and Working Capital & Investment management.
  • Excellent knowledge of European markets, of food customers and consumers in supermarkets, in food service distribution, and in specialised channels.
  • Great knowledge of the industrial food sector with more than 20 factories under management.
  • Expert in bank financing and high-yield debt raising.
  • Experiences with 3 types of shareholders: Listed company (France and Iceland), Company under LBO (3 different sponsors), Private company (foreign shareholders)

LFF Group’s main companies: Lyons Seafoods, Farne of Scotland, Labeyrie, King Cuisine, Père Olive, Blini, Le traiteur Grec, Delpierre, Labeyrie Traiteur Frozen, Salé Sucré.

Track Record: 

  • Building of a benchmark food group in Europe with the vision of being the leader of Pleasure and Trendy Food sector.
  • Turned around a loss making company in 1989 into a solidly and continuously profitable company for the last 25 years since then.
  • Internationalization of the LFF Group. Exclusively French until 2000, LFF is today international with 45% of turnover originated outside of France.
  • Business diversification: smoked salmon and foie gras until 2000, multi-product and multi-market today.
  • Building, year after year, of solid leadership positions in all its markets and in several countries, with very strong brands in terms of image and reputation: Labeyrie, Blini, Delpierre, Farne of Scotland, Lyons Seafoods, Père Olive, etc.
  • Successful and continuous management of the Group with 6 shareholding changes over the last 17 years and several refinancing of all types.
  • Creation of a very professional management team, that is committed, senior, and loyal to the group, with a shareholding stake of up to 15%.
  • Close and regular management of a team of 7 General Managers, each in charge of their Business Unit and surrounded by a comprehensive management teams.
  • Management of the Group’s Finance and Administration Unit in charge of group financing, of the consolidation of Business Units’ results, of group management control, and of shared support functions between the Business Units.
  • Responsible for the management of the industrial Investment plan of EUR 35M per year.
  • Performance management within highly framing Business Plans and Budgets.

Directorships: Snacks International, SIA Group Savencia Fromages and Dairy, Logismose Meyers Denmark, Alliance Etiquettes and Family Service.

Frederic VERBEKE

Global Head of Sales & Processing

"Over 25 years of experience in the seafood industry"

  • Prior to joining Pure Salmon was the Co founder of IOD processing and IOD seafood
  • Trading Consultant  for processing facilities over the world
  • Specialized in salmon marketing and processing
    • Set up the logistics of importing fresh salmon from Norway and re-exporting frozen finished products to France and Ukraine.
    • Implemented a frozen salmon and cod production line at the UXPK factory in Kiev. Oversaw R&D and sale of finished products
    • Co-owner during 5 years of Dasson production in Poland. Processing of Atlantic salmon and Atlantic cod for the main private labels of the French market (Système U, Leclerc, Casino, Monoprix, Intermarché). In 2015 the factory processed 17,000 tons of raw material
    • Former consultant for Ocean Catch (New bedford USA) for the setting up of a processing line of Crab claws and IQF scallops for the French market
    • Set up the fish processing line in Tanford Foods in Qingdao (China) for the processing of wild salmon, Alaskan pollock and Pacific cod
    • Implemented the logistics of importing frozen on board whitefish from Norway and re-exporting frozen finished products to France in China. Set up of a frozen Atlantic cod production line at the Unibond factory in Qingdao. Oversaw R&D and sale of finished products
    • Implemented the U brand (seafood products) in partnership with Système U
    • Sales director for Nanaimo, an Atlantic salmon farmer in Chile, for fresh and frozen salmon portions
    • Spent 3 years in Chile as Sales Manager of Pro Austral in Chile, a processor of frozen crab and mussels, where he set up a network of distributors on the east coast of the USA

Kent Kongsdal Rasmussen

CEO Pure Salmon Kaldnes

"35 years of business experience at an international level"

  • CEO of Pure Salmon Kaldnes (4 years in charge of Krüger Kaldnes / Pure Salmon Kaldnes)
  • General Manager for Veolia Aquaculture and CEO of Krüger Kaldnes (Norway), a turnkey technology supplier of fish farms for the Aquaculture industry, a Market leader in Norway.
  • Heading the Acquisition process for Veolia Aquaculture of finding a new owner, resulting in 8f / Pure Salmon taking over the company
  • Prior to Veolia and Pure Salmon was, for 6 years, global CCO  and General Manager for subsidiaries in Denmark and Germany for Puregas Solutions, having an ownerships position and was part of developing the company from an insignificant small company in Sweden to one of the leading turnkey biogas upgrading companies within Europe and was part of the sales acquisition process of the company to the Finish multinational company Wärtsilä (company valuation from 1 m€ to 35 m€ and achieving market leadership in several countries).
  • European sales director and business unit manager (Spain) for Gerresheimer plastic packaging within the pharmaceutical sector, developing and implementing a new commercial strategy for the company and in a very competitive market lifting the revenue/EBITDA and accessing new key accounts.
  • President Global Sales for Danfoss heating segment (largest industrial company in Denmark) present in nearly 90 countries around the world with direct staff responsibility of 430 people and 2.500 indirectly. Developed and implemented a “4C change program”  giving a substantial lift to revenue (total scope of 1 bn$) in a market with strong competition. Established Danfoss Turkey and took the role as Chairman of the board, developing the company to 25 m$ turnover within 2 years. Was trusted with roles as Board Member in various subsidiaries of Danfoss.
  • 11 years in Société de Saint Gobain in different jobs as North America Director, Sales Companies Director, Market Director and Business System Director all in different business areas with significant staff responsibility and full P&L responsibility (up to 200 m$). Was taking up responsibility within General Management, Sales, Marketing, Market & Loyalty platform, Supply chain, Procurement,  Business Systems (ERP, CRM, BI etc.) and R&D.
  • 11 years in Shell in different jobs as Project manager, Product Manager, European Sales Manager, Key Account Manager and Business Auditor on European group level.

NICOLAS METRAL

Global Head of Construction

"Over 25 years of experience working for Engineering, Procurement and Construction"

  • Over 25 years of experience working for Engineering, Procurement and Construction (“EPC”) contractors in the oil and gas, energy and environment industries, spanning across project management of large-scale industrial projects, set-up and management of project controls on mega projects, progress monitoring, earned value reporting, cost engineering, risk management, material control and bid preparation for EPC projects.
  • Prior project experience includes thermal power plant, Liquefied Natural Gas (“LNG”) regasification terminal, desalination, onshore pipeline waste-water treatment and organic waste treatment projects.
  • Most recent 10 years of working experience focused on waste-water and organic waste treatment facilities in roles across various countries, Canada, Hong Kong, China, France and Australia.
  • Joined Pure Salmon from Suez, a world leading water and waste management solution provider, where he was the Project Director of two Design, Build and Operate (“DBO”) contracts for anaerobic digestion and composting of Sourced Separated Organic Waste in Montreal, Canada.
  • Over 7 years at Suez, where he held other titles on different projects, such as Senior Project Manager for the design and construction of the first anaerobic digestion facility for organic waste in Hong Kong, and Acting Execution Director and Director of Project Controls in the treatment infrastructures department.
  • Spent 3 years at Thiess Degremont as Director of Project Controls for the Victoria Desalination Project (project cost of AUD4.0 billion), including offshore intake and outlet structures, extensive tunnelling works and off-take pipeline and transfer pumping stations, underground high voltage cable, and the project’s reverse osmosis plant.
  • Wide international working experience, having carried out project management roles in Australia, North and West Africa, Hong Kong, India, Indonesia, China, France, Finland and Spain.
  • Master degree in Mechanical Engineering from Université de Technologie de Compiègne, France.

David Cahill

Global Head of Production

"28 years of experience with the largest salmon producers in the world"

  • Fish production operations management and new project development expert with 28 years of international experience, majority of which was with some of the biggest salmon producers in the world.
  • Former Consultant and Program Manager of an aquaculture development program funded by Saudi Arabia’s Ministry of Environment, Water & Agriculture. This program is focused on achieving targets in the 2030 economy diversification vision of developing 600,000 tons of cage finfish aquaculture production.
  • Previously was Director of the Fish Business Unit of Saudi Arabia’s largest shrimp and fish aquaculture operation. He installed 3 new offshore farms in 2 years with combined capacity of 15,000 tons. He overcame technical problems in the broodstock/hatchery, expanded the business into fish processing, and latterly managed international sales and logistics. Over his 3 years of service, he built up a high performing international team through all levels.
  • Spent 5 years as the General Manager of Aquaculture for Huon Aquaculture, Australia’s second largest salmon producer. He trebled production to 15,000 tons per annum and covered marine site management, boat building, new site and equipment development, fish health management, feed development and contracts, environmental management of operations, R&D, government liaison, and obtaining global certifications. He also strategized 5-Year growth and development plans with budget and KPIs (financial and operational), and recruited and developed a high performing management team. The Huon business
    achieved a successful IPO at the end of his tenure.
  • Also served as Hatcheries Manager at Huon Aquaculture for 3 years, responsible for the operation of 5 hatcheries and the development of 2 large RAS systems.
  • For 6 years was a Regional Business Manager for the world’s largest Atlantic salmon farmer, Marine Harvest (“MH”), in Scotland, in charge of production of 18,000 tons per annum from 17 farms and 125 employees. Was part of select team that achieved compound growth of 36% per annum for the company via organic expansion and acquisition, and cut operating costs by 25% through business evolution. During his 18 years at MH, he developed an in-depth understanding of farm management and operating / technical processes, feed development and strategies to optimize fish performance and risk management.
  • Also served as Fresh Water Manager for MH in Scotland for 5 years, responsibilities included production of 12 million smolt, 18 million fry and 50 million eggs from 2 broodstock farms, 9 Loch sites and 7 hatcheries including 2 RAS farms. Part of the team that led the merger of 2 of the largest salmon farming businesses in Scotland