Riverence Holdings, a US-based farmed trout producer, has acquired fellow local business Clear Springs Foods for an undisclosed sum.
Located in Magic Valley, Idaho, Clear Springs Foods supplies retail and foodservice with fresh trout and encrusted fillets. Riverence Holdings said in a statement the deal makes the firm the “largest land-based producer of trout in the Americas”.
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Riverence is involved in the whole supply chain from egg production to distribution through dedicated business units – Riverence Brood in Washington, Riverence Farms in Idaho, and now Clear Springs. Following the transaction, it will have 14 farms with an annual capacity of 15,000 tons, four brood “stations”, two processing facilities and what it calls a value-added processing plant.
Its chief executive Rob Young said: “We believe in aquaculture and sustainable, land-based production of seafood. With this investment, we are deepening our commitment to doing what’s right in support of our communities, the fish we produce, and the natural resources we share. Together, we stand ready to redefine farm-raised fish and the future of American aquaculture.”
Riverence added that Clear Springs brands and markets will be maintained within the combined organisations, which employ more than 450 people.
“We’re starting to re-imagine the potential of the US trout industry,” said Jeff Jermunson, the CEO of Clear Springs. “We are honoured to begin the next chapter of our company’s long history as part of the Riverence family.”
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By GlobalData
