Private equity fund, Aqua Capital, which focuses on the food, agribusiness, and logistics industries in Brazil and South America, has acquired a controlling interest in GeneSeas, one of Brazil’s top tilapia producers for an undisclosed amount.

 

GeneSeas currently accounts for 2% of the tilapia production in Brazil, and plans to increase this share to 5% by 2019. It also sells salmon in Brazil and exports to the U.S. market.

 

The company plans to use the fresh capital to fund its planned modernization investments its and expansion beyond its existing units in the states of Sao Paulo and Mato Grosso do Sul. In the short term, the company plans to build a new packing plant and a new fattening unit in Mato Grosso.

 

“GeneSeas is widely recognized in the market, especially for its tilapia production, top quality, efficiency, and sustainable practices. Moreover, it has great potential for growth,” said Aqua Capital’s founding partner, Sebastian Popik.

 

This marks the third deal in 2015 for Aqua Capital, following the acquisition of Brazil’s largest wine store chain, Grand Cru, and the acquisition of Dimicron, which it then merged into Aminoagro to create one of the top three foliaceous fertilizers in the country.

 

Founded in 2009, Aqua Capital pursues positions in typically family-owned companies that show potential for growth and leadership in the food, agribusiness, and logistics spaces. Aqua Capital investors included funds of funds and endowments, and the fund currently has R$650 million (US$183 million) in assets under management.