|Environment, fish farmers, local communities
Victory Farms’ mission is to build a commercial tilapia farm that can feed two billion Africans with affordable, accessible and healthy protein. The company aims to do so while also working toward becoming the most sustainable fish farm on the planet. Victory Farms started against the backdrop of rapidly declining wild fish catch in Lake Victoria. Estimates show a 95% decline in nile perch and tilapia catch over the last 50 years. Yet, rising populations with increasing wealth continue to demand more protein. At the same, undernourishment remains a major issue in Kenya. The current and unsustainable option is to import fish, which can often be two years old by the time it is consumed. Victory Farms and its innovative technologies bring together the best aquaculture practices from around the globe to tackle this challenge. As a result, they sell more than 10 metric tons of healthy and fresh tilapia into low-income Kenyan neighborhoods daily.
Victory Farms uses no antibiotics and has credited a bio-protection zone to promote brood stock growth and ecosystem preservation, while recycling their inputs where possible. Apart from employing over 500 persons, Victory Farms has also supported several small business and entrepreneurs along the catchment area and throughout Homa Bay. The bulk of the fish produced at Victory Farms (VF) is sold directly into low-income communities all across Kenya through the Market Ladies. Currently, about 5000 market women purchase the fish directly through the company’s retail branch network. They then fry the fish and resell it to the end consumer, usually in road-side kiosks. The farm is also working to build a program that helps local fishers and smallholders to become independent fish farmers, where they will be offering them feeds, fingerlings, cages and technical assistance, and then offering them a ready market for their products. Victory Farms also trains its employees on aquaculture, best management practices and leadership skills, which has seen many of them rise through the farm’s ranks. More info at: https://www.victoryfarmskenya.com/
|Scope of Legal Assistance
|Sidley lawyers will assist Victory Farms drafting/reviewing shareholder agreements and with advice related to a transaction for a convertible note investment.