Norway Pelagic ASA on Monday announced the acquisition of Fryseriet AS from Rødholmen AS, a wholly owned subsidiary of Ytterstad Fiskeriselskap AS. Fryseriet operates a processing facility in Lødingen, Norway, adjacent to the capelin and herring fishing grounds.
The deal is expected to close by 31 August, when Norway Pelagic receives 100 percent of the shares in Fryseriet and Ytterstad receives more then 1.1 million new shares in Norway Pelagic, or 7.2 percent of the company’s total shares (Ytterstad currently owns 2.3 percent of Norway Pelagic). Additionally, Ytterstad will receive NOK 20 million (USD 3.1 million, EUR 2.2 million) in cash.
Yesterday’s announcement comes more than six months after Norway Pelagic unveiled it was acquiring Fryseriet, but the initial deal fell through.
“Fryseriet is a well run company, and an ideal addition to Norway Pelagic, since we for a long time have had a declared strategy to add to our presence in northern Norway,” said Norway Pelagic Chairman Sigurd Teige.
Alesund, Norway-based Norway Pelagic is one of the world’s largest pelagic fish processors. The company — formed through the merger of Koralfisk AS, Bergen Fiskeindustri AS, Domstein Pelagic AS, Global Fish AS and Bernt Hansen eft AS — processes capelin, North Sea herring, winter herring, mackerel and horse mackerel.
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