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17, Swedish private equity firm Altor Equity Partners acquired a stake in Chilean salmon producer Nova Austral from another fund, Bain Capital, for an undisclosed
sum.
Prior to 2014, Nova Austral was jointly owned
by feed producers EWOS Group, Bain Capital and Altor Equity Partners.
That same year, EWOS Group filed for bankruptcy protection, which was later acquired by agricultural giant Cargill, leaving control of Nova Austral in the hands
of Bain Capital and Altor Equity.
by feed producers EWOS Group, Bain Capital and Altor Equity Partners.
That same year, EWOS Group filed for bankruptcy protection, which was later acquired by agricultural giant Cargill, leaving control of Nova Austral in the hands
of Bain Capital and Altor Equity.
Nova Austral has underperformed
in recent years.
According to the second quarter report of this year, the company's revenue was approximately $16.
7 million, down nearly 50% from the same period last year ($28.
6 million); EBITDA loss of $11.
3 million, nearly doubled
from the loss of $6.
1 million in the same period last year.
in recent years.
According to the second quarter report of this year, the company's revenue was approximately $16.
7 million, down nearly 50% from the same period last year ($28.
6 million); EBITDA loss of $11.
3 million, nearly doubled
from the loss of $6.
1 million in the same period last year.
In December 2020, an outbreak of contagious salmon anaemia (ISA) occurred on Nova Austral's farms, resulting in the loss of 4.
8 million fry, directly contributing to a decline
in the 2021 harvest.
In the fourth quarter of 2021, the Company disclosed an accident at one of its hatcheries, resulting in the death of 1.
4 million fry due to hydrogen sulfide contamination
from a faulty biofilter.
8 million fry, directly contributing to a decline
in the 2021 harvest.
In the fourth quarter of 2021, the Company disclosed an accident at one of its hatcheries, resulting in the death of 1.
4 million fry due to hydrogen sulfide contamination
from a faulty biofilter.
In September 2021, Chilean regulators fined Nova Austral $1.
23 million for underreporting mortality during the company's production in 2019
.
23 million for underreporting mortality during the company's production in 2019
.
In July, Chile's EPA revoked Nova Austral's three farming licences in the Magellan district and fined them $1 million for damaging the seabed at one of the farms
.
The case is currently being appealed, and a lawyer for the company has said that if the penalty is established, the company will be forced to close the salmon farm.
.
The case is currently being appealed, and a lawyer for the company has said that if the penalty is established, the company will be forced to close the salmon farm.
