Land-based shrimp farmer NaturalShrimp has closed on its acquisition of the assets of Iowa barramundi farmer Alder Aqua, formerly known as Vero Blue Farms, for $10 million (€8.5 million).
Gerald Easterling, CEO of NaturalShrimp, said the acquisition represented "a watershed moment" for the company. , and gives the group "the resources and capacity to become the largest [recirculating aquaculture systems] shrimp producer in the country," he said.
The facility has 2.7 million gallons of recirculating capacity and approximately 344,000 square feet of space, according to the company.
Under the terms of the deal, NaturalShrimp has acquired assets including property, equipment, tanks, rolling stock, inventory, permits, contracts, customer lists and contracts.
NaturalShrimp has been working with Alder Aqua over the past two years.
In 2018 US Alder Aqua filed for bankruptcy with a court in northern Iowa, citing "an immediate need" to pay its employees, rent, utilities and vendors.
