Mountain Group Capital invests based on 4 core principles: Invest in the team first, idea second Invest based on business fundamentals, not financial engineering Invest as if you will own the business forever If possible, own the business forever

Mountain Group Capital

Merck Animal Health is a global, research-driven company that develops, manufactures and markets abroad range of veterinary medicines and services. We offer one of the industry’s most innovative portfolios, spanning products for the prevention, treatment and control of disease in all major farm and companion animal species.  We are a highly proactive, robust and diversified company with a strong, scientifically-proven, product portfolio and an ever-growing global reach.  With offices in more than 50 countries, we successfully market our products in over 140 countries and operate a network of manufacturing sites and research and development (R&D) facilities around the world.  Our aim is to create value and contribute to the ongoing success of our customers. In short, we aim to earn the trust of our customers every day. By listening carefully to all our stakeholders and putting customer satisfaction at the core of our business, we provide innovative, high-quality, and above all, solutions-driven products and services for farm and companion animal species.  By consistently delivering the highest standards of quality, professionalism and integrity, our aim is to become the partner of choice for veterinarians, producers and animal owners.  Our products and services enable pets and people to enjoy their time together and will help keep livestock healthy to ensure a safe, wholesome and affordable food supply.

Merck Animal Health

Oval Park Capital they give services for industries such as healthcare, financial, cybersecurity, agricultural, sustainable food, animal health, clean energy, water, construction, and industrial technologies.

Oval Park Capital

Merck Animal Health Ventures partners with companies and invests in bringing new solutions to address unmet customer needs, including advanced digital technologies.

Merck Animal Health Ventures

NovaQuest Capital Management, LLC (NovaQuest) manages product and company investments in the global healthcare industry.  Its primary focus is structured finance investments in late-stage clinical and commercialized biopharmaceutical products. NovaQuest invests side-by-side with global companies in their most strategic product programs, ensuring alignment with the biopharmaceutical companies. These customized, product transactions are an alternative to standard biopharmaceutical industry deal-making and help companies maximize the value of their product portfolios. In addition, NovaQuest invests in select private equity and other company securities, with a consistent focus on late-stage clinical and commercialized products.  The NovaQuest team has worked together for over 12 years, investing over $1 billion into the global healthcare industry. The team began pursuing its strategy in 2000 as an investment group within Quintiles Transnational Holdings Inc. (Quintiles). Today, NovaQuest Capital Management is an independent firm managing global investment capital. It is backed by investors whose relationships with NovaQuest date back to the group’s inception. NovaQuest is meeting the evolving needs of global healthcare companies and its investors with a consistent strategy, developed over multiple years and transactions, that draws on a customized mix of investment and return elements and securities.

Novaquest Capital Management

TARGAN

TARGAN is a bio-systems company focused on improving animal health and productivity in the poultry, livestock, and aquaculture industries. ALS-S is developing a solution that revolutionizes current vaccination methods. Our technology will detect, target, and deliver vaccines to each and every chick, ensuring effective vaccination. This one-of-a-kind accuracy and consistency in the vaccination process boosts the natural immune response to diseases, improves overall flock health, and provides for a cleaner, healthier chick.

TARGAN, founded in 2015 and based in Morrisville, North Carolina, is a biotechnology systems company focused on transforming animal protein production industries worldwide. The company develops automated systems for the poultry, aquaculture, and swine sectors, leveraging technologies such as high-speed imaging, artificial intelligence, machine learning, robotics, and microfluidics. TARGAN's flagship product is an automated vaccine delivery system capable of vaccinating up to 100,000 chicks per hour against diseases like coccidiosis, infectious bronchitis, and Newcastle disease. This system aims to improve animal welfare and reduce reliance on antibiotics and chemicals in food production. Additionally, TARGAN has developed an automated gender identification system for day-old chicks, allowing for separate sex rearing to optimize nutrition and reduce feed waste. As of September 2023, TARGAN employed approximately 120 professionals, with plans to expand to over 200 employees by the end of 2024. The company operates out of a 100,000-square-foot facility in Raleigh, North Carolina, which serves as its headquarters, research and development center, and manufacturing site.

TARGAN: The Future of Sustainable Animal AgTech

Transforming Animal Health Globally, TARGAN Joins Bioscience Business Incubator

TARGAN Secures $35M Series C Financing Led by Mountain Group Partners and NovaQuest Capital Management to Commercialize Novel Vaccine Delivery System for Poultry Industry

Sanderson Farms announce collaboration

Life science facility opens in old Raleigh grocery store

TARGAN Leases New Raleigh Facility

TARGAN celebrates new Raleigh headquarters

Empty big-box store converted to life-sciences facility in Midtown Raleigh

Preserving aquatic life for future generations

Sustainable Aquaculture

Targan

TARGAN, Wayne-Sanderson Farms expanding commercial collaboration

TARGAN, founded in 2015 and based in Morrisville, North Carolina, is a biotechnology systems company focused on transforming animal protein production industries worldwide. The company develops automated systems for the poultry, aquaculture, and swine sectors, leveraging technologies such as high-speed imaging, artificial intelligence, machine learning, robotics, and microfluidics. TARGAN's flagship product is an automated vaccine delivery system capable of vaccinating up to 100,000 chicks per hour against diseases like coccidiosis, infectious bronchitis, and Newcastle disease. This system aims to improve animal welfare and reduce reliance on antibiotics and chemicals in food production. Additionally, TARGAN has developed an automated gender identification system for day-old chicks, allowing for separate sex rearing to optimize nutrition and reduce feed waste. As of September 2023, TARGAN employed approximately 120 professionals, with plans to expand to over 200 employees by the end of 2024. The company operates out of a 100,000-square-foot facility in Raleigh, North Carolina, which serves as its headquarters, research and development center, and manufacturing site.
Key customers and partnerships
In August 2023, TARGAN announced a multi-year agreement with Wayne-Sanderson Farms to integrate its AI poultry systems in various Wayne-Sanderson Farms' broiler hatcheries across the US. This collaboration marks TARGAN's first commercial partnership, with the initial units scheduled for installation in Wayne-Sanderson Farms' hatcheries during the third quarter of 2023. TARGAN has also joined Emergence, Atlantic Canada's bioscience business incubator, to expand its presence in the region's aquaculture industry. The company plans to develop products for the aquaculture industry and partner with Atlantic Canada-based design and manufacturing companies to improve products across all species served.

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.

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