Danish wealth management and investment company Artha has furthered its quest to play a leading role in the development of Norwegian cod-farmer Norcod, the world's first industrial producer of high-quality farmed cod.
In an internal share transaction this month, Artha increase its equity position in Norcod with the acquisition of a further 800,000 shares. The shares were purchased through Artha Norcod IV, a fund launched by Artha Kapitalforvaltning, which together with related companies, already owned 27.9 percent of Norcod shares, and is represented on the company's board of directors.
Its new shares were acquired from former major shareholder Isfjord Norway, which sold 1,117,932 shares at NOK 92.50 (USD 10.89) each, in a private placement organized by Sparebank 1 Markets. Isfjord continues to maintain a small shareholding.
“Our purchase of Isfjord Norway's shares represents a superior investment and reflects our strong confidence in Norcod's vision and business model, its sustainability credentials and future robust performance in terms of returns,” Artha Managing Director and Co-Founder Jan Severin Sølbæk said in a statement.
Norcod CEO Christian Riber expressed his satisfaction with the transaction.
“The interest shown by Artha is very encouraging, especially as we look forward to generating income from our first commercial harvest in a few months' time. In fact, we're delighted with the trust being shown by all our existing shareholders. We're on track, following carefully laid plans, with a great team in place, who are doing a fantastic job,” Riber said.
Norcod, which farms in mid-Norway, where temperature conditions are ideal for raising cod, is working with Generation 6 fish and aims to produce 25,000 metric tons (MT) of harvestable fish by 2025.
The company has developed a business model that combines ownership and partnerships to create an integrated value chain from egg to market. The plan is to differentiate farmed cod from its wild-caught cousin, and to initially target high-value markets in Spain, Denmark, and the U.K. with whole fish, and top-end outlets in France, Germany, and the U.S. with value-added fillets.
Initial market feedback has been overwhelmingly positive.
In early June 2021, Norcod was the first dedicated cod-farming company in the world to be certified against the GlobalG.A.P. Aquaculture Standard. Norcod included the GLOBALG.A.P. Risk Assessment on Social Practice (GRASP) in its assessment, which looks at social risks in primary production, and provides additional transparency to supply chain partners.
Photo courtesy of Norcod
