A new Vision for Loch Duart
Sutherland salmon farmer Loch Duart is looking forward to a new era following its takeover by a United States-based investment company that focuses on sustainable businesses.
Loch Duart, which produces around 6,000 tonnes of salmon annually, is now majority-owned by SAF II Master Fund LP, a fund managed by Vision Ridge Partners, an investment firm based in Colorado and New York.
One of Vision Ridge’s partners, New York-based Australian Justin Goerke, has been a Loch Duart director since 2012.
‘Very positive news’
According to a confirmation statement published on the Companies House website yesterday, the deal went through in February and involved the company’s shareholders transferring their shares to the Vision Ridge fund.
The SAF II fund owns more than 96% of the company, with the remaining shares held by finance director Simon Maguire, new managing director Mark Warrington and sales chief Andy Bing.
In a statement to Fish Farming Expert on Monday, Loch Duart said: “This move is seen as very positive news for Loch Duart as the company gains a new investor who is fully aligned with Loch Duart’s mission of producing the finest salmon in the world.
“Vision Ridge has stated its intention to support Loch Duart in its ambition to grow its brand and expand its operations.”
Scottish Enterprise
One of the parties transferring its shares was Scottish Enterprise.
Asked if the agency had made a return on its investment, understood to be loans to the company, a Scottish Enterprise spokesperson said: “Any income resulting from this sale due to Scottish Enterprise will be included in the cumulative income figures in our 2019/2020 annual accounts, due to be published later in the year.
“From our most recent annual accounts covering the year up to March 2019, Scottish Enterprise’s published shareholding was 17.4%. The structure of funding in the business comprised of convertible loan notes, which - at the point of exit - diluted Scottish Enterprise’s stake to 7%.”
£1bn in assets
Vision Ridge has more than $1 billion of assets under management in its two sustainable asset funds (SAFs). These include US solar power producer Clean Focus; GSSG Solar, which is building solar power assets in Japan; California water company Homer; energy storage company Key Capture Energy; vertically integrated sustainable grape business Sun World; land restoration company The Earth Partners; and anaerobic digestion company Vanguard Renewables.
Fish Farming Expert has contacted Vision Ridge to ask about its plans for Loch Duart but has not received a reply.
