EXEO Capital has made is debut investment for its second fund, backing TerraSan, an aquaculture company operating on the South and West coasts of South Africa. Terms of the deal were not disclosed, but the private equity confirmed that the investment falls within the $175 million fund’s typical ticket size which ranges between $5 million and $20 million in exchange for stakes of between 15% and 75%. EXEO Partners Kennett Sinclair and Izak Strauss led the deal for the fund, with Sinclair taking a seat on TerraSan’s board.
While TerraSan is a mature business, EXEO was attracted by its strong management team, black economic empowerment credentials and sound corporate governance, all factors which position it well to benefit from the anticipated expansion of the aquaculture industry. As wild-caught fish numbers shrink, aquaculture continues to gain popularity around the world. The sector has also experienced rapid growth in South Africa given the high value export-oriented nature, local government support and expansion opportunities.
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