Icelanders buy Mexican fish farming company – Fishupdate.com

Icelanders buy Mexican fish farming company Published:  20 August, 2010

THE Lions Gate Lighting Corporation, which has a large Icelandic ownership, is moving into the fish farming business. The development stage company which started out exploring opportunities with alternate supplies of lighting products, has bought a third share in the Mexican Tuna farming company Baja Aquafarms and it hopes to take full control of the company before long.

Lions Gate is owned by the Atlantis Group, a seafood trading business,  and has agreed to pay around $8 million (US). The owners of Baja are expected to receive $10 million wqhen the sale of the fishing company is completed later this year, aalong with shares in Lions Gate. Baja Aquafarms is a private Mexican company that owns and operates facilities and equipment in the territorial waters of Baja California, Mexico where it fishes for and farms Pacific Northern bluefin tuna for sale primarily into the Japanese sushi and sashimi market.It is also the largest tuna farming operation in Mexico.

Oli Steindorsson, the Chairman and Chief Executive Officer of Lions Gate, said: “The combination of Baja and our cornerstone operation Kali Tuna will more than double our operations while adding geographical diversity. Additionally, the proximity of the farm to the United States markets will allow us to develop additional markets for bluefin tuna in the United States and Canada.”

The deal comes just a few weeks after Lions gate bought into a Croatian fish farming company, Kali Tuna. Like Baja, Kali Tuna farms northern bluefin tuna for sale to the Japanese sushi market. The company is based on the Adriatic. Lions Gate intends to change its name to “Umami Sustainable Seafood Inc.” as soon as possible.