Ontario Teachers' buys Maritime mussel producer from Encore

Ontario Teachers' Pension Plan has acquired Atlantic Aqua Farms, an Orwell Cove, Prince Edward Island-based grower and processor of P.E.I. blue mussels under the brands Canadian Cove, Confederation Cove and J.P.'s Shellfish, as well as branded oysters, clams and live lobster. No financial terms were disclosed; however, Undercurrent News said the value is likely to be more than $100 million. The seller was U.S. private equity firm Encore Consumer Capital, which bought the company in 2008. The deal is Ontario Teachers' first in the aquaculture sector, which Senior Managing Director Andrew Claerhout said reflects "significant opportunities for long-term growth."

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