An affiliate of Norway-based feed supplier EWOS signed an agreement with the bankruptcy trustee of Acuinova to acquire its Chile-based subsidiary Nova Austral.
The purchase is subject to certain closing conditions including obtaining final financing for the purchase, after which Nova Austral will settle its outstanding receivables of approximately USD 40 million (EUR 30.8 million) to EWOS Chile.
EWOS intends to close the transaction with final financing structure within three weeks. EWOS Chile will supply fish feed to the company’s farming operations. EWOS views Nova Austral as an important customer and a company with lots of potential. The company has struggled with liquidity difficulties as a result of the placement in bankruptcy of its parent companies, Acuinova S.A. and Pesca Chile S.A.
EWOS plans to work with the existing team while adding management over time to replace the administrative and sales functions currently operated by its parent company, Acuinova.
“With its strong team, great assets and facilities, and excellent location in Region XII, we believe that Nova Austral has an untapped opportunity to grow production,” said Einar Wathne, Group CEO for EWOS.
EWOS said it does not intend to grow its presence in the salmon farming industry beyond the purchase of Nova Austral. Nova Austral will continue to operate as an independent company, with EWOS supplying the company feed on commercial terms. The company will be majority owned by a Norwegian subsidiary of EWOS’s ultimate Norwegian parent company, Albain Holdco Norway AS.
After the acquisition, Nova Austral’s main shareholder will be EWOS Invest AS, a subsidiary of EWOS’s ultimate Norwegian parent company, Albain Holdco Norway AS. Nova Austral operations will not be consolidated into the reporting of either Albain Midco Norway AS or Albain Bidco Norway AS, the two companies with listed bonds on either the Oslo Stock Exchange or the Irish Stock Exchange. Statkorn Aqua AS, an indirect subsidiary of the above companies with listed bonds, will purchase a less than 1 percent stake in Nova Austral S.A.
