Family-owned Norwegian investment company Ferd has further increased its ownership of seafood investor Broodstock Capital to 93.6 percent.
In February 2021, Ferd upped its ownership share in Broodstock from 40 to 65 percent. Through the acquisition of shares from other shareholders, it has now added a further 28.6 percent to its overall stake. The remaining 6.4 percent of Broodstock is owned by its management team.
“The fact that we are buying up further means that we have strong faith in the seafood sector in general, and in the management team, the portfolio companies, and the work that is being done to further develop these companies,” Ferd Investment Manager Danjal Danjalsson said. Danjalsson was recently added to Broodstock Capital’s board of directors.
Broodstock invests in small- and medium-sized Nordic seafood companies that have a company value between NOK 50 and NOK 500 million (USD 5.8 million and USD 58.2 million, EUR 4.9 million and EUR 49.1 million). It currently manages a capital base of approximately NOK 700 million (USD 81.5 million, EUR 68.7 million) in six businesses, which it says have leading positions towards the most important trends in the industry, including land-based farming, fish health, environmental services, and digitalization.
Total turnover in these companies has almost tripled since 2016 to just under NOK 1.3 billion (USD 151.3 million, EUR 127.6) last year.
“Change in ownership means no change in strategy for Broodstock Capital. We will continue to own and develop businesses in partnership with management and co-owners. With such clear, large ownership from the Ferd Group, however, we will be able to increase our investment ability considerably,” Broodstock’s General Manager Jan Erik Løvik said.
Additionally, Broodstock has confirmed that Yngve Myhre, the former CEO of SalMar, Aker Seafoods, and Nova Sea, has been elected as its new chairman of the board. He also joins the ownership side of the company.
“Broodstock is an exciting venture, [combining] long-term industrial development with capital in companies with great potential in the seafood cluster,” Myhre said. “Together with dedicated owners, managers, and external industrial consultants, I look forward to contributing to the development within this part of the industry.”
