Nova Sea buys into Torghatten Aqua, becoming major shareholder

Norwegian farmed salmon producer Nova Sea has purchased a 33.4 percent stake in Torghatten Aqua
Nova Sea CEO Tom Eirik Aasjord and Torghatten Aqua CEO Øyvind Løvdahl

Norwegian farmed salmon producer Nova Sea has purchased a 33.4 percent stake in Torghatten Aqua, becoming a major shareholder in the company and starting a “close and long-term collaboration.”

Nova Sea said the investment comes through a capital expansion at Torghatten Aqua and the purchase of new shares. The purchase makes Nova Sea the company’s second-largest shareholder, behind Trøndelag Helgeland Invest – which holds a 39 percent stake.

“We get increased access to capital and expertise, which means a lot for the further development of our companies,” Torghatten Aqua Chair Frode Blakstad said.

Through the new partnership, Torghatten Aqua’s farming operations will at some point be operated in collaboration with Nova Sea, the companies said. 

“The investment and collaboration with Torghatten Aqua fits in very well with Nova Sea's investment strategy,” Nova Sea Chair Aino Olaisen said. “In addition, Torghatten Aqua's subsidiary Campus BLÅ actively contributes to the recruitment of competent labor, which is crucial for the venture to be successful.”

Nova Sea CEO Tom Eirik Aasjord said the companies have been “getting to know each other’s businesses” since 2023 and have been planning and mapping out potential synergies for when the collaboration could be officially launched.

“We are, therefore, convinced that what we have arrived at what will be [a] very positive [partnership] for both companies, for the employees, and for the shareholders,” Aasjord said.

Torghatten Aqua has called for an extraordinary general meeting on 23 February to make a final decision on the deal, the two companies said.

Torghatten Aqua CEO Øyvind Løvdahl said that after the transaction is completed, the company will “follow through on the promise” to list its shares on the Euronext NOTC list – an information system for unlisted shares.

"This is a big and happy day for us!” Løvdahl said. “The main shareholders in Nova Sea and Torghatten Aqua have worked together for several decades. They have a common ambition for growth and development in the companies, the industry, and the region. We are, therefore, pleased that we will be able to actively take part in this in the future."

Nova Sea has been investing heavily in the seafood sector. In October 2023, it announced a collaboration with food processing equipment manufacturer BAADER on a NOK 2 billion (USD 190 million, EUR 176 million) fish processing facility in Lovund, Norway.

The processing facility announcement came just days after Nova Sea announced it had picked Maritech for a new cloud-based solution on its sales, invoicing, and accounting software. Neither company disclosed the value of the deal.

Photos courtesy of Nova Sea/Torghatten Aqua


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