Benchmark Holdings

Benchmark Holdings has built a profitable group of companies on the economics of a sustainable food supply chain. Aquaculture is a particular focus, as it now provides more animal protein to the global market than beef. Benchmark's strategy and operations are guided by our “3Es” definition of sustainable business – encompassing ethics, the environment and economics.

<div>Benchmark Holdings is a biotechnology company specializing in aquaculture products and solutions. The company focuses on enhancing aquaculture productivity and sustainability through its three main divisions: genetics, early-stage nutrition, and health. In genetics, Benchmark's strategy centers on continuous genetic improvement in growth and disease resistance for salmon. The nutrition division, INVE Aquaculture, provides specialized nutrition for early stages of shrimp and marine fish production. The health division develops treatments for sea lice challenges in salmon farming. In 2023, Benchmark reported a 7% increase in revenue and a 15% rise in adjusted EBITDA, with operational cash conversion improving from 35% to 58%. The company's genetics operations are crucial for supplying bio-secure salmon eggs to producers year-round. In October 2023, Benchmark was granted two new salmon broodstock licenses by the Directory of Fisheries in Norway, totaling 780 tonnes, which more than doubled the volume of its current licenses. This expansion aims to increase the security of supply of bio-secure, high-quality eggs with high-performing genetic traits for its customers.</div>

Benchmark Holdings may be sold

Benchmark wins two salmon broodstock licences in Norway

INVE Aquaculture

Preserving aquatic life for future generations

Sustainable Aquaculture

Benchmark Holdings: Losses widen for Sheffield genetics firm as search for potential buyer continues

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 Benchmark Holdings is a biotechnology company specializing in aquaculture products and solutions. The company focuses on enhancing aquaculture productivity and sustainability through its three main divisions: genetics, early-stage nutrition, and health. In genetics, Benchmark's strategy centers on continuous genetic improvement in growth and disease resistance for salmon. The nutrition division, INVE Aquaculture, provides specialized nutrition for early stages of shrimp and marine fish production. The health division develops treatments for sea lice challenges in salmon farming. In 2023, Benchmark reported a 7% increase in revenue and a 15% rise in adjusted EBITDA, with operational cash conversion improving from 35% to 58%. The company's genetics operations are crucial for supplying bio-secure salmon eggs to producers year-round. In October 2023, Benchmark was granted two new salmon broodstock licenses by the Directory of Fisheries in Norway, totaling 780 tonnes, which more than doubled the volume of its current licenses. This expansion aims to increase the security of supply of bio-secure, high-quality eggs with high-performing genetic traits for its customers.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 
 INVE Aquaculture, a part of Benchmark Holdings since 2015, actively participates in leading aquaculture events worldwide. The company is a founding member of important organizations in the field, including the World Aquaculture Society, the Global Aquaculture Alliance, and the European Aquaculture Technology and Innovation Platform (EATiP). Through these partnerships, Benchmark aims to set new standards for success in rearing aquaculture species and shape the future of the industry in collaboration with the market.
 
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Biokind is a company that produces sustainable protein feed for fish and shrimp farming. The company's innovative product is created through a proprietary natural fermentation process that upcycles non-edible agricultural waste. This approach aims to replace traditional fishmeal and soy protein in aquaculture, particularly in shrimp farms, which are known to be significant carbon dioxide polluters in the sector. By utilizing Biokind's product, the company claims it can potentially reduce carbon dioxide emissions by over 5 billion tonnes. The technology addresses the growing demand for protein in aquaculture, which has seen a 60% increase in production in Europe since 1998, while also tackling the issues of overfishing and deforestation associated with conventional protein sources like fishmeal and soybeans. Biokind's solution aims to make agricultural land use more efficient by valorizing waste products, thus contributing to a more sustainable aquaculture industry.

BioKind

Ecto is a digital biology company that develops technology to enhance efficiency and sustainability in aquaculture production. The company's primary offering is a digital decision support platform that leverages advanced molecular tools and digital technologies to streamline production and health management in aquaculture operations. Ecto's platform supports deep integrations with over 100 data sources throughout the aquaculture value chain, using multi-generational data to automatically build models for early detection of patterns associated with biological risks. The software covers multiple environmental factors in key phases of production affecting fish welfare and development, including hatchery, well-boat and truck transport, grow-out, and processing phases.
Founded with offices in the US and Norway, Ecto collaborates with farmers worldwide to optimize their operations. The company's solutions have enabled farmers to create 51 million additional healthy servings of protein. In October 2021, Ecto raised USD 7 million in financing led by the Rabo Food and Agri Innovation Fund and Aqua-Spark, with participation from Seventure Partners and existing investors Yield Lab and Vodia Ventures. The funding was intended to advance Ecto's position in the market for digital decision support tools for aquaculture.
Ecto's platform aims to address the challenge of data fragmentation in the aquaculture industry, where much of the data is still locked in paper records, spreadsheets, and disparate software systems. By pioneering structured data capture across the industry, Ecto enables producers to tap into aquaculture industry data to enhance the efficiency and sustainability of production. The company's technology is designed to increase output, reduce environmental degradation, improve animal welfare, and increase transparency and traceability in the supply chain.

Ecto

Australis Aquaculture is a producer of premium ocean-raised barramundi, operating in Central Vietnam. The company focuses on sustainable aquaculture practices and offers a range of barramundi products under its brand, The Better Fish. Australis utilizes Climate-Smart Ocean Farming techniques in Van Phong Bay, Vietnam, where it nurtures barramundi in pristine tropical waters. The company's barramundi is known for its mild, buttery flavor and is rich in omega-3s, containing half the calories of salmon.
Australis Aquaculture has achieved several certifications for its sustainable practices. It was the first to be certified under the Aquaculture Stewardship Council's Tropical Marine Finfish standard and the first ocean-farmed fish to receive a Monterey Bay Aquarium Seafood Watch Best Choice rating. The company also holds a Best Aquaculture Practices (BAP) 4-star certification. In December 2021, Australis was awarded the US Secretary of State's Award for Corporate Excellence in Climate Innovation.
The Better Fish product line includes various barramundi offerings such as Lemon Herb Butter Barramundi, Crispy Barramundi Fish Tenders, and Simply Skinless Barramundi Fillets. In January 2024, the company expanded its product range with Barra Barrk, the world's first Fair Trade Certified pet treat made from hand-rolled barramundi fish skins. As of December 2021, Australis exported approximately 10,000 tons of fish annually from its operations in Khánh Hòa province, Vietnam. The company operates four processing factories in the region and has plans to build a modern seafood processing factory in Ninh Thủy Industrial Park.
Key customers and partnerships
Australis Aquaculture has established partnerships with various organizations to promote sustainability and ethical practices. In March 2024, the company celebrated three years of partnership with Fair Trade US, making it one of the first national brands to offer a full line of Fair Trade Certified barramundi products. Through this partnership, Australis supports community-focused programs in Central Vietnam.
The company's products are available in retail and foodservice channels across North America. Australis' Barra Barrk pet treats were being sold at all BJ's Wholesale Club retail locations throughout the eastern US. The company also exports its products to Australia, showcasing its international reach in the seafood market.

Australis Aquaculture

Open Blue is a leading supplier of Cobia, a whitefish species, utilizing deepwater aquaculture to grow fish sustainably. The company operates offshore aquaculture farms in the waters off Panama, focusing on producing Cobia through environmentally responsible practices. Open Blue's approach involves a closed-loop ecosystem that aims to minimize interference with natural marine habitats. The company offers various Cobia products, including whitefish portions, burgers, and strips, which can be prepared through different cooking methods or served as sashimi. Open Blue's business model includes direct-to-consumer sales, with products available for home delivery throughout the US via their website. The company emphasizes the nutritional benefits of Cobia, highlighting its content of essential vitamins, minerals, omega-3 fatty acids, and proteins.

Open Blue

KnipBio, founded in 2013, is a biotechnology company specializing in the development of single-cell protein technologies for aquaculture, animal feeds, and human applications. The company's core product, KnipBio Meal (KBM), is a high-quality feed protein derived from methanol through industrial fermentation of the microorganism Methylorubrum extorquens. KBM is designed to be a sustainable alternative to traditional protein sources like fishmeal and soybean meal in aquaculture feeds. The product offers a complete amino acid profile along with vitamins, inorganic salts, fats, and carbohydrates, positioning it as a viable partial replacement for fishmeal, soybeans, meat, and skimmed milk powder in various applications.
KnipBio's fermentation process is highly efficient, producing a protein-rich biomass with a high dry cell weight of 120 g/liter and a crude protein content of 67.2%. The company claims its method is a thousand times more efficient than traditional farming practices. KBM has gained regulatory approvals in multiple markets, including FDA GRAS (Generally Recognized As Safe) designation for finfish and shrimp feeds in the US in 2019, and approval from the Canadian Food Inspection Agency (CFIA) for use in salmonid feeds up to 10% of the total diet in June 2022.
In addition to its nutritional benefits, KBM is being explored for its potential to reduce off-flavors in recirculating aquaculture systems (RAS), a common issue in fish farming. The company has been conducting trials with RAS facilities to determine if a diet containing five percent of their single-cell protein product can lower levels of geosmin (GSM) and 2-methylisoborneol (MIB), compounds responsible for off-flavors in farmed fish. Initial results have shown significant reductions in off-flavor in RAS-raised trout.
In July 2024, Larry Feinberg, the CEO and founder of KnipBio, stepped down from his position. Caitlin Wege, who had recently joined the company, was appointed as the new CEO to lead KnipBio's future endeavors.

KnipBio

Suppliers of sustainable and responsibly sourced fish meal replacements, fish feed, and fish feed ingredients

Suppliers of monitoring tools, analytics platforms, water management systems, feeding systems, and infrastructure, among others, to aid sustainable aquaculture practices

Farming operators involved in the sustainable breeding of finfish

Farming operators involved in the sustainable cultivation of shellfish and/or aquatic plants

Suppliers of disease diagnostics, treatments, medication, nutritional supplements and biomonitoring, among other services aimed at increasing quality, health, and efficiency of aquaculture.

Benchmark Holdings

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