BEWI Invest, a Norwegian investment firm with operations in real estate, seafood, and industrial technology, has acquired a 44.4 percent stake in Norwegian salmon farmer SinkabergHansen (SBH).
The acquisition, announced through the Oslo Børs, has an agreed-upon purchase price of NOK 2.2 billion (USD 210 million, EUR 193 million), and will be made via a combination of cash, hybrid bonds in BEWI, and newly issued shares in BEWI. As a result of the share issuance, SBH will become a significant minority shareholder in BEWI Invest.
“SBH is a highly attractive addition to the BEWI Invest portfolio and a milestone in the ongoing creation of a strong and profitable seafood business to complement BEWI Invest’s other investments, mainly 51 percent ownership in the industrial company BEWI ASA and 43 percent ownership in the real estate company KMCP Properties ASA, both listed on the Oslo Stock Exchange,” BEWI Invest said in the Oslo Børs announcement.
BEWI Invest said a private placement of NOK 500 million to NOK 700 million (USD 47 million to USD 66 million, EUR 44 million to EUR 61 million) “is [being] contemplated” to finance the cash consideration of the transaction.
“The transaction represents an important milestone for BEWI Invest in establishing a strong foothold within seafood,” BEWI Invest said. “SBH has a strong operating platform with significant capacity for continued sustainable growth, and BEWI Invest has proven capabilities of unlocking the value creation potential in its portfolio companies leveraging its broad knowledge, experience, and network.”
BEWI Invest said SBH is an integrated salmon farmer “attractively located” in central Norway. The company had a revenue of NOK 3.4 billion (USD 324 million, EUR 299 million), and earnings before interest, taxes, depreciation, and amortization of NOK 796 million (USD 76 million, EUR 70 million) in 2022.
Photo courtesy of SinkabergHansen
