Three separate Norwegian salmon-farming companies – Sjybol, Kobbvåglaks, and Selsøyvik Havbruk – have agreed to acquire portions of Arctic Seafood Group.
Sjybol, which is also the owner of Lovundlaks, will be the largest owner of the company with a 49 percent stake. Kobbvåglaks and Selsøyvik Havbruk will each own the remaining portion, splitting it evenly with 25.5 percent of ownership each.
The acquisition will give the three companies control over Arctic Seafood subsidiary Organic Seafarm, which currently holds 1,856 metric tons (MT) of commercial maximum permitted biomass for salmon production, three farming sites in Nordfjorden, and its operations center in Nygårdsjøen, Norway.
"It is gratifying that we, as small and medium-sized players, can together strengthen local ownership in the region, especially at a time when consolidation is the rule in the industry,” Sjybol Managing Director Jørgen Aakre said in a release. “We believe that we will continue to be able to be efficient and sustainable food producers for the foreseeable future and continue to develop the local communities in which we operate. To achieve this, predictable regulatory conditions from the authorities are especially important."
The three companies are purchasing Arctic Seafood Group from Friendmall, Hawk Seafood, and employees of Arctic Seafood Group, according to a press release on the matter.
"We are very pleased with the group that will take responsibility for the further development of the company. This ensures local roots and helps preserve value creation, jobs, and expertise along the coast,” Arctic Seafood Group Managing Director Nicolaj Weiergang said. "With skilled employees, a clear focus on profitable operations, and strong biological results, we are well-positioned to compete with the largest players in the market. We are convinced that this is a good solution for the company, our employees, and its further development."
Arctic Securities, KPMG, and SANDS advised the sellers, while Arntzen Grette and Nordaførr advised the buyers. The exact terms of the deal were not disclosed.
