Icelandic fishing company Samherji has acquired 49 percent of Norwegian fish oil production firm Berg LipidTech.
Berg LipidTech, based in Ålesund, was founded in 1993 and produces a range of fish oil products including cod liver oil, salmon and trout oil, and marine omega-3 products. According to both companies, the purchase agreement has already been signed and finalized, and Samherji has also acquired an option to buy the remaining share capital of Berg LipidTech.
The exact value of the transaction was not disclosed by either party.
“Samherji is a strong and experienced industrial owner, and their access to important raw materials will give us a unique vertical integration that is not typical for companies in our line of business,” Berg LipidTech CEO Staale Berg said. “This partnership will create new opportunities for continued growth and development.”
Berg LipidTech, based on documents submitted to the Norwegian Registry of Business Enterprises, posted NOK 123 million (USD 12.2 million, EUR 10.5 million) in revenue in FY 2024, up from the NOK 110 million (USD 10.9 million, EUR 9.4 million) it posted in FY 2023. The company's profit before tax increased to NOK 26 million (USD 2.6 million, EUR 2.2 million) in 2024, up from NOK 6.5 million (USD 0.6 million, EUR 0.6 million) in 2023.
Based on the document, in 2024, the company had total assets of NOK 134 million (USD 13.3 million, EUR 11.4 million).
Samherji CEO Baldvin Thorsteinsson said the acquisition aligns with its current policy to maximize value from its raw materials, as Berg LipidTech’s manufacturing capability can tap into the company’s byproducts to produce additional value.
“We foresee that this investment will support that objective, as there is increased global demand for fish oil products with high omega-3 content,” Thorsteinsson said. “We believe Berg LipidTech has room for significant growth, considering the company’s technologically advanced production facility and experienced and talented employees with whom we look forward to collaborating.”
Samerhji said the current owners and managers of Berg LipidTech will remain with the company, and it does not plan any changes at any of the company’s operating locations. Samherji said it plans to appoint board members and support Berg LipidTech in its growth opportunities via a joint business plan “that utilizes the company's strengths for further expansion.”
Berg LipidTech will also gain steady access to the raw materials it needs to manufacture its products from Samherji, the company said in a release.
Iceland was the birthplace of the “100% Fish Project,” which got its start at the Iceland Ocean Cluster, an organization that brings together different businesses into a shared location to foster innovation. Started by Iceland Seafood Cluster Founder Thor Sigfusson, the movement aims to increase the utilization of fishery byproducts in order to improve sustainability and reduce waste.
