IAM lends $45 mln to seafood producer Cooke Aquaculture

Integrated Asset Management Corp (IAM) has provided a $45 million loan to fund an operating lease package for Cooke Aquaculture Inc, a Black’s Harbour, New Brunswick-based seafood company.

The loan is being provided through Lighthouse Finance, a U.S. seafood operational leasing and asset management firm, to finance a portfolio of marine vessels and aquaculture equipment.

Established in 1985, the family-owned Cooke Aquaculture is the largest producer of farmed salmon in North America.

In January, IAM, a Canadian alternative asset management firm, closed its sixth private corporate debt fund, raising $843 million.


Integrated Asset Management Corp. Announces Financing in Support of Cooke Aquaculture Inc.

TORONTO, March 06, 2019 (GLOBE NEWSWIRE) — Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing of a $45,000,000 term loan to Lighthouse Finance that will be used to fund an operating lease package for Cooke Aquaculture Inc. (“Cooke”).

The IAM funds provided via Lighthouse will finance a portfolio of marine vessels and aquaculture equipment, including hydro-licer and thermo-licer technologies, allowing Cooke access to environmentally friendly, pesticide-free treatment options in the event of sea lice infections.

Stephen Zagrodny, Director of IAM Private Debt Group said, “IAM is excited to partner with such a high quality business and contribute to Cooke’s incredible growth story. We worked very hard with the Cooke and Lighthouse teams to deliver an operational lease structure for this transaction, which demonstrates the flexibility we can offer borrowers. We hope to continue building this relationship and are looking forward to a long term partnership with both Cooke and Lighthouse.”

Lighthouse Finance is a leading operational leasing and asset management company focused on the global aquaculture industry. Lighthouse will manage the operational lease structure throughout the term of the financing, monitoring the assets, and cash flows for IAM.

Cooke Aquaculture Inc. is a family-owned business based out of Black’s Harbour, NB. Since 1985, Cooke has grown from one salmon farm to a fully integrated seafood company with operations spanning the Atlantic Provinces, United States, Chile, Spain, Argentina, and the United Kingdom. Today, Cooke is the largest producer of farmed salmon in North America and one of the top five producers in the world. All of Cooke’s North American aquaculture operations are 4-star certified under the Global Aquaculture Alliance (GAA) Best Aquaculture Practices (BAP) designation.

IAM manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM Private Debt Group offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts. IAM is one of Canada’s leading alternative asset management companies with approximately $3.1 billion in assets and committed capital under management in real estate and private debt.

For further information, please contact:

Stephen Zagrodny
IAM Private Debt Group
T: 416-367-6868
E: szagrodny@iamgroup.ca

Philip S. Robson
IAM Private Debt Group