British aquaculture company Benchmark Holdings has announced it is pushing into the tilapia market with two new key acquisitions.
Benchmark, based in Sheffield, U.K., has acquired Norwegian aquaculture genetics and research company Akvaforsk Genetics Center and Spring Genetics, based in the United States, for a total of NOK 140 million (USD 17.2 million, EUR 15.6 million).
"This deal is an opportunity for Benchmark to further advance its position in the aquaculture genetics and breeding sector,” said Malcolm Pye, Benchmark’s CEO. “The acquisitions bolster our recognized status in the salmon genetics space, and moves Benchmark into the rapidly growing tilapia market."
Akvaforsk offers technical genetic services in Norway, Canada, Thailand, China and the United States. Spring Genetics, based in Miami, Fla. USA and Mazatlan, Mexico, markets cultured tilapia under the brand Spring Tilapia.
"The acquisitions of AFGC and Spring Genetics give Benchmark access to new geographies and customers in emerging markets, diversify our offering and fulfil Benchmark's strategic objective of offering our expertise across a range of species within the aquaculture arena,” Pye said. “The entrance of the company into the tilapia market is particularly encouraging, as it is one of the fastest growing sources of protein in the Latin American region."
