Alsaker Fjordbruk has entered into a binding agreement with fellow Norwegian salmon-farming company Bolaks Group, forming what it said is the largest privately owned salmon aquaculture firm in Western Norway.
According to a release issued by Alsaker Fjordbruk, the production potential of the combined companies will exceed 50,000 metric tons (MT) of salmon. They currently have over 25,000 MT of maximum permitted biomass (MTB) in both Production Area 2 (PO2) and PO3.
The exact terms of the acquisition agreement were not disclosed by either party.
DNB Carnegie, the financial advisor to Alsaker in the transaction, said both businesses will now benefit from a “shared and fully integrated value chain” which will allow both companies to optimize hatchery, wellboat, service boat, and processing operations.
“Alsaker is convinced that the acquisition will secure local jobs and unlock significant operational benefits throughout the value chain,” a release by DNB Carnegie said.
Bolaks Chair Grunde Bruland said the transaction will benefit both companies.
“As part of Alsaker, which we know as a well-run fish-farming group, Bolaks will stand stronger and be given good development opportunities going forward," Bruland said.
Alsaker reported NOK 3 billion (USD 294 million, EUR 250 million) in total operating income in 2024, roughly flat with its income in 2023. It posted an EBITDA of NOK 1.16 billion (USD 113 million, EUR 96 million), down from an EBITDA of NOK 1.32 billion (USD 129 million, EUR 110 million) in 2023, and its operating profit in the year reached NOK 1.01 billion (USD 99 million, EUR 84 million), down from NOK 1.18 billion (USD 115 million, EUR 98 million).
Alsaker, overall, produced 38,400 MT of salmon that year between its production in 14 municipalities in Norway. The company operates four smolt plants, a slaughterhouse, a cleaner fish farm, and a fleet of service boats and a wellboat.
Alsaker is also a main shareholder of Ocean Supreme and has a range of other subsidiaries. The company has also made forays into land-based salmon farming and applied to build a land-based recirculating aquaculture system facility in 2022.
