Duncan Montgomery has been appointed as the first CFO at rapidly growing aquaculture supplier Ace Aquatec. Photo: Ace Aquatec.

Ace Aquatec hires finance chief after doubling in size

Dundee-based aquaculture technology innovator Ace Aquatec today announced the appointment of Duncan Montgomery as its first chief financial officer (CFO).

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Ace Aquatec said Montgomery has held several senior management positions over 17 years, including most recently as finance director at Audley Travel, a 3i plc private equity backed international travel business, and previously as director in PwC’s Deals practice where his clients included both early-stage SMEs, high profile international businesses, and private equity firms.

The CFO’s appointment follows strong growth and expansion at Ace Aquatec into key global markets. Over the last year, Ace Aquatec has doubled in size, opening new divisions in Norway, Chile and North America. It now has 30 employees across its global divisions, spanning a range of expertise from research and development to marketing and business development.

A strong reputation

Montgomery said: “Ace Aquatec has a strong reputation as disruptors and innovators in the aquaculture and technology sector.

“There’s a real opportunity to become leaders in this space with an exciting pipeline of products that help address some of the industry’s significant environmental, social and governance challenges. I’m looking forward to working alongside the team to continue and manage the rapid growth that Ace is experiencing.”

Nathan Pyne-Carter: Montgomery "will play a pivotal role in the future success of the business".

Great experience

Chief executive Nathan Pyne-Carter said he was delighted to welcome Montgomery to the company at an exciting time.

“Duncan brings great experience of operating in senior financial management positions within growing and successful businesses and leading high performing finance teams. I am confident that he will be a huge asset to our organisation and will play a pivotal role in the future success of the business as we continue to execute our growth strategy.”

Ace Aquatec’s product range includes in-water electric stunners, automated waterjet bleeding, above and below the water predator deterrent systems, and 3D biomass cameras.

It has developed contactless fish pumping and has been working on sea lice removal systems.

Award-winning innovations

The company’s in-water electric stunner won the Innovation Award at the world’s biggest aquaculture trade show, Aqua Nor, in 2017. Ace Aquatec also won a Queen’s Award for Enterprise in 2018 for its predator deterrent, and a Queen’s Award for Enterprise Innovation in 2019 for its in-water stunner.

The company has attracted investment from Scottish video game entrepreneurs Chris van der Kuyl and Paddy Burns, best known for developing the console versions of Minecraft, the best-selling video game of all time.

It has also received financial backing from sustainable aquaculture investment fund Aqua-Spark, which was the primary investor in a 2019 funding round held to raise capital for international expansion.