Sokotra Capital-led consortium buys African aquaculture company

A consortium led by Dubai-based private investment company Sokotra Capital has acquired 100% of North African seabass and seabream hatcher L’Aquaculture Tunisienne (AT).

AT was originally established in 1988 and possesses an estimated annual production capacity of 20 million fingerlings and 1,500t of fish.

The company distributes its products to both local and international markets.

Sokotra Capital founder and CEO Albert Momdjian said: “We are extremely pleased with this acquisition.

“AT has a highly skilled team with extensive experience. Tunisia remains, despite the recent challenges, a very attractive and friendly destination for foreign direct investments.

“We sincerely hope that this will be the start of a significant expansion for us, and for other investment firms, in Tunisia.

“We have very ambitious plans for AT and we hope to better service the local market in terms of fingerlings, but also to better position AT as a highly reliable producer of quality fingerlings to the rest of North Africa, as well as, in due course, to the Mediterranean basin.”

The acquisition of AT is said to form part of Sokotra’s wider investment strategy, which is primarily focused on the agriculture and aquaculture sectors across Africa and South East Asia.

L’Aquaculture Tunisienne CEO Karim Garnaoui said: “Today, and backed by the new investors, AT has the capacity to become one of the leading Mediterranean basin aquaculture companies.

“The in-depth knowledge of the industry, supported by the strong financial and strategic capabilities of the new investors, can only propel AT to become one of the best companies in the sector.”