Zeeland-based The Kingfish Company is involved in the production of Dutch Yellowtail, a high-quality, antibiotic-free marine finfish species in its active on-site R&D facility and advanced grow-out system design and construction unit. It is delivered across the EU on a daily basis as well. In a recent development, the company completed its Private Placement successfully with a total transaction value of nearly €50M.
Private Placement with eight investors
The Kingfish Company has announced that the Private Placement has been completed with NOK 535.5M (nearly €50M) via the allocation of 26,042,000 new shares in the company. It adds that each share is priced NOK 20.563392 (nearly €1.92). Primarily, the net proceeds from the Private Placement will be deployed towards the expansion of its Europe facility (The Netherlands, System F), acceleration of permitting and engineering for the company’s United States (Maine) roll-out plan and general corporate purposes at the current site in the Netherlands.
Eight cornerstone investors have been allocated shares worth NOK 408M (nearly €38.7M) in the Private Placement. It bagged support from its largest shareholders – Creadev International S.A.S. is its largest shareholder and Rabo Participaties with NOK 97.5M (nearly €9.24M) and NOK 75.3M (nearly €7.13M) worth allocated shares respectively. The other investments include Claris B.V., Tycoon Industrier AS, Cibus Enterprise Fund LP, Kverva Finans AS, Lin AS, and Sortun Invest AS.
Following the Private Placement, the company’s CEO, acting CFO and COO have entered into customary lockup arrangements with DNB Markets as sole global coordinator and joint bookrunner for a period of 12 months. The chairman of the supervisory board, Creadev and Rabo have entered into customary lockup arrangements for six months.
The Kingfish Company’s chairman of the Supervisory Board also welcomed its newest board member Helge Moen (former Managing Director Kverva). Moen will join Alexandre van der Wees, Jeroen Scheelbeek, and Martin Jansen. “The extensive experience and expertise of our board members is an important asset for the growth of the company, and will continue to support The Kingfish Company’s management as it delivers excellence in operations and executes our future expansion plans,” says Hans den Bieman, Founder and Chairman of the Supervisory Board.
Listed at Oslo Stock Exchange
Soon after the completion of Private Placement, the company applied to be listed on the Oslo Stock Exchange and it was supposed to be approved on getting necessary approvals. On November 25, it was listed and commenced trading on the Oslo Stock Exchange’s Merkur Market (to be renamed Euronext Growth soon).
“We are excited to turn the page from a start-up to a scale-up, and pursue the implementation of our global expansion strategy following the listing at the Oslo Merkur Market,” says Ohad Maiman, founder and CEO of The Kingfish Company.
Leading seafood producer in the Netherlands!
The Kingfish Company is claimed to be a leader in high-value seafood production in the Netherlands. The Dutch company uses advanced land-based Recirculating Aquaculture System (RAS) technology. This technology is touted to offer a reliable, sustainable and fully controlled production environment. Furthermore, it is claimed to be an excellent sustainable alternative as well.
Image credits: The Kingfish Company