Gray Aqua Farm's LTD has been in operation since 1988. Over the last 18 years we have grown our operation into a low-cost production facility, producing over 1.5 million smolts per year. G.A.F. has outpaced the industry in terms of production technology and it is this expertise that has allowed us to diversify from a salmon only producer to add Arctic Char to our portfolio.
August 2013 - Aquaculture company Gray Aqua has filed for bankruptcy protection, owing nearly $40 million to creditors, including taxpayers.
The NewBrunswick-based company, with operations in Newfoundland, filed a notice of intention Aug. 21 under the Bankruptcy and Insolvency Act to make a proposal to its creditors, which number in the dozens — ranging from $24.9 million to bank HSBC to $323.29 owed to New Brunswick company Pennfield Hydraulics.
Dec.2016 - PRESS RELEASE - Marine Harvest is pleased to announce that we have been nominated by the Receiver of all the assets owned by the Gray Aqua Group of Companies ("the Company"), to purchase the Company. The acquisition price on a cash and debt free basis is CAD 15 million. The Company is based on the East Coast of Canada and is currently in receivership. The acquisition is important from a strategic point of view, as it further broadens Marine Harvest's global farming footprint in a country where we are already present on the West Coast. The market for salmon in North-East America continues to develop very favourably, and the acquisition represents as such a compelling value proposition.
The assets purchased include one hatchery in New Brunswick, two farming licenses in New Brunswick, seven farming licenses in Newfoundland, and one processing plant in Newfoundland. Currently no fish has been stocked in the above mentioned licenses. In addition, the Company has applied for 17 farming licenses in Newfoundland which are yet to be approved. Marine Harvest is looking forward to engage with the relevant authorities to secure additional farming locations as well as to establish new jobs in the local communities.