Kverva Industrier buys into FW Lübbert GmbH
Kverva Industrier AS, a company closely related to SalMar President and CEO Gustav Witzøe, has taken a minority stake in Bremerhaven, Germany-based F.W. Lübbert GmbH & Co.
Trondheim, Norway-based Kverva is a seafood industry-focused investment firm. Its holdings includes stakes in SalMar, ScaleAQ, Patogen, Insula, Pelagia, and Nutrimar, which collectively have NOK 20 billion (USD 2.3 billion, EUR 2 billion) in annual sales and around 5,000 employees.
F.W. Lübbert GmbH & Co. supplies fish and fish products to wholesalers, smokehouses, retailers, caterers, and home food delivery services.
In a 13 September press release, the companies announced they had signed a purchase and sales agreement on 31 December, 2020, giving Kverva a 45 percent stake in Lübbert.
“The partnership strengthens the position of Lübbert in the strategically important German market and forms the basis for further growth,” they said in the release. “Several of the companies in the Kverva portfolio has since long had a relationship with Lübbert and the partnership will support this relationship further, while maintaining the independence of the different companies in their dealings with Lübbert.”
Lübbert Managing Directors Sven Braasch and Birte Tutas will continue on in their previous positions, according to Kverva Investment Director Olav Holst-Dyrnes.
“The investment in Lübbert is an excellent opportunity to strengthen and further support the development for the Kverva companies in the German market,” Holst-Dyrnes said. “We are very happy to embark on this journey together with the Lübbert team.”
Lübbert employees and managers are “looking forward to the future cooperation,” according to Braasch.
“With Kverva at our side, we have access to resources for accelerated growth. We are very excited to team up with one of the major players of the industry,” Braasch said.