Enterra completes major global funding round to build new insect production facilities in North America
LANGLEY, British Columbia, Aug. 23, 2018 (GLOBE NEWSWIRE) -- With the addition of three major funding partners, Enterra Feed Corporation announced today that it is on track to complete construction of new facilities in Alberta (2019), British Columbia (2020) and the Midwestern U.S. (2021). Each plant will cost approximately $30M to build, substantially increasing the company’s production of its insect-based feed ingredients which are a sustainable substitute for traditional, resource-intensive ingredients for animal feed.
With this significant capital raise, Enterra CEO Geoff Gyles says the stage is set for future growth. “We’re very pleased that three prestigious groups have chosen to strategically partner with us, led by ADM Capital’s Cibus Fund, a global equity portfolio specializing in the future of food. Also joining us are the German-based PHW Group, a global player in high-quality poultry products, and a prominent Canadian family-owned investment group. We are fortunate in that their participation will go beyond investment; all three partners will provide hands-on assistance in developing our global expansion plans. Additionally, we continue to be supported by our longstanding investors, Wheatsheaf Group and Avrio Capital, both of whom have participated in the current funding round.”
Since 2007, Enterra has pioneered sustainable production of nutrition-rich insects for animal feed in North America. Using recycled pre-consumer food waste as feedstock, the company farms and harvests black soldier fly larvae, a beneficial insect that reproduces swiftly under controlled conditions and are processed into high value animal feed products. The larvae production process is completely sustainable, diverting food waste that would normally go to landfills, compost operations, or be incinerated.
Enterra Whole Dried Larvae can be fed directly to poultry and birds, or mixed with other ingredients to produce formulated feeds for fish, poultry and pets. Further processing of the larvae produces Enterra Meal (protein component) and Enterra Oil (fat component), both of which can also be blended into a variety of animal feeds.
Sales of Enterra products have tripled annually and continue to show high growth in aquaculture, poultry and pet food, as feed producers look for novel ingredients and sustainable replacements for resource-intensive inputs like fishmeal, soybean meal, coconut oil and palm kernel oil.
Enterra is the first company to receive regulatory approvals in the U.S. and Canada for its insect ingredients, following extensive trials and data collected in conjunction with research institutions across North America. Enterra products are also registered in the EU Trade Control and Expert System (TRACES), allowing export to all EU member countries for use in aquaculture, with approvals for poultry and pig feed expected.
Alastair Cooper, Head of Early Stage Investments for ADM Capital, reports his company is excited about its partnership with Enterra. “They are making enormous strides in sustainable food production. This is completely aligned with our Cibus Fund, which invests in rapidly-growing food chain companies that employ smart, sustainable technologies to create high value. It is an ideal partnership, one we are enthusiastic to pursue and nurture. Enterra is about the future of food.”
Enterra Feed Corporation is a privately held company that specializes in the development and manufacture of sustainable insect-based feed ingredients for the aquaculture, poultry and pet food industries. Since opening its first commercial facility in 2014, Enterra has converted tens of thousands of metric tonnes of pre-consumer food waste into sustainable feed ingredients for its growing customer base.
About ADM Capital
Established in 1998, UK-based ADM Capital has deployed USD 2.96 billion in 122 private credit transactions across 16 countries with 104 exits since 2004. In 2017, ADM Capital launched the Cibus Fund, a private equity vehicle created to invest in rapidly-growing food chain companies that adopt technologies to enable the profitable and sustainable capture of high-growth market and produce opportunities.
About PHW Group
The German-based PHW Group is a leading European poultry company with about 6,800 employees and a total turnover of EUR 2.5 billion. The group produces and markets high-quality poultry specialties (including the WIESENHOF brand) and has facilities in Germany, the Netherlands, Poland and Bulgaria. In addition, PHW has an increasing share of plant-based products in its portfolio, underlining the growing importance of alternative proteins for the company going forward. Other business sectors include animal feed and animal health, human nutrition and human healthcare.
About Wheatsheaf Group
Wheatsheaf Group, based in the UK, directly operates, invests in and helps to develop businesses in the food and agriculture sectors. Through the activities of over 2,500 people across 34 countries and the development of innovative technologies, it aims to contribute enduring solutions to improve efficiency in the production of healthy and nutritious food to meet the food requirements borne out of the increasing demands of changing global population.
About Avrio Capital
The Avrio group of entities was established in 2002 to identify and invest in innovative food and agriculture companies that provide solutions to global challenges in the areas of health, wellness and sustainability. As the global pioneer in ag and food technology investing, the team has been a very active investor in the space for almost 15 years, having completed over fifty investments since its inception.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5086efe0-4212-4135-8bd6-82332287cdd2
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