Marine Harvest acquires bankrupt Canadian producer

Published on
December 19, 2016

Norwegian-headquartered salmon farming company Marine Harvest has been nominated by the receiver of all the assets owned by the Gray Aqua Group of Companies to purchase the company for a price of CAD 15 million (USD 11.2 million, EUR 10.8 million).

Currently in receivership, Gray Aqua is based on the east coast of Canada.

Marine Harvest said the acquisition was important from a strategic point of view, as it further broadened its global farming footprint in a country where it is already present on the west coast.

“The market for salmon in northeast America continues to develop very favorably, and the acquisition represents as such a compelling value proposition,” said Marine Harvest.

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 aforementioned licenses.

In addition, the company has applied for 17 farming licenses in Newfoundland that are yet to be approved.

Marine Harvest said it will shortly start to detail a production plan and investment framework for the east coast of Canada, including building an organization capable to produce 15,000-20,000 metric tons (MT) gutted weight equivalent of salmon per annum.

Completion of the transaction is subject to signing a final purchase agreement as well as approval by the Court of Queen's Bench of New Brunswick.

Contributing Editor reporting from London, UK

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