Insula Seafood has sold its stake in First Seafood to the company’s management.
In a post on its LinkedIn, Insula said the sale will be to First Seafoods’ management and to some external industrial investors. Insula has been the majority owner for ten years, owning 90.1 percent stake in the company.
"First Seafood has developed into a strong and international seafood company during the ten years Insula has been the owner,” Insula CEO Sigvald Rist said. “The Group's strategy is to focus on the production and delivery of seafood to the grocery and catering markets. We therefore believe that this change of ownership is the best solution for both First Seafood, the company's employees, and customers. With the management as the largest owner, supported by strong industrial investors, the company will have very good conditions for further development. We wish the new owners the best of luck."
First Seafood CEO and founder Andreas Sundnes and the company’s operational management team will now own the company, according to a release.
"Insula has been an important owner and a key contributor in the development of First Seafood. We thank you for your trust, cooperation and support over these years,” Sudnes said. “The foundation that has been built together gives us a very good starting point for the next phase of the company's development.”
The two companies also said that a capital increase of NOK 70 million (USD 7.2 million, EUR 6.3 million) was completed to strengthen its financial platform and facilitate further growth.
The exact details of the transaction were not disclosed.
First Seafood opened a new salmon-processing plant in Kongsvinger, Norway in 2023, and at the time announced plans to build another facility in Bergen, Norway. It ultimately opened that facility in 2024, according to the company’s Instagram account.
