Angel Seafood currently produces a million Pacific oysters a year in South Australia and aims to double this within three years after the Laguna Bay Pastoral Company took a strategic shareholding in it, in order to bankroll its expansion into supermarkets.
Operating off the Eyre Peninsula, Angel Seafood switched from the restaurant to the retail trade during the Covid-19 pandemic, reports the Cairns Post.
Laguna Bay, which manages a portfolio of agricultural assets, has taken an 11 per cent stake in the oyster producer from Swiss investment group Bona fide Wealth Management.
According to the Cairns Post, Angel Seafood chief executive Zac Halman, who owns 16 per cent of the company, said the support of Laguna Bay would help bolster production and marketing.
“With their marketing knowledge and their ability to scale businesses, they will have an enormous influence on contributing to our future growth,” he said.
“Going into stage two of our growth strategy (going from producing one million oysters to two million oysters a year) those guys backing us with their synergies will be essential,” he said.