On November 16, 2017, Encore Consumer Capital (Encore), a US-based private equity firm that invests exclusively in leading consumer products companies, completed the sale of Atlantic Aqua Farms (AAF) and its affiliated entities to Ontario Teachers’ Pension Plan (Ontario Teachers’). AAF is the largest grower of live mussels in North America and offers a wide selection of oysters, clams and live Maine and Canadian lobster. The purchase of AAF marked Ontario Teachers’ first foray into the aquaculture market. Financial terms of the acquisition were not disclosed.
Blake, Cassels & Graydon LLP acted as lead legal counsel to Encore with a team that included Kurt Sarno, Matthew Mundy and Whitney Robinson (M&A), Jeffrey Shafer and Ian Caines (tax), Jennifer Ruddick and Danielle Butler (financial services), Holly Reid and Jordan Schubert (employment), and Dan Kofman and Patrick Gordon (real estate). Stewart McKelvey acted as Atlantic Canada counsel to Encore with a team that included Gavin Stuttard (M&A) and Perlene Morrison (regulatory). Pierce Atwood LLP acted as US counsel to Encore with a team that included Scott Pueschel (M&A).
Ontario Teachers’ was represented by Cox & Palmer by a team that included Shawn Kavanagh, Anna Cook and Allison Philpott (M&A), Ben Howard (regulatory), Doug Wright and Robert Arkin (tax), and by Torys LLP by a team that included Laurie Duke and Stephen Neil (M&A).