Paine & Partners, owner of Icicle Seafoods, on Thursday announced it entered into an agreement to acquire Scanbio Marine Group, a Norway-based producer of fish byproducts.
The transaction is expected to close in the third quarter of 2011. Financial terms were not disclosed.
Scanbio’s fish protein concentrate, fishmeal and fish oil are produced from white and pelagic fish and salmon byproducts and are primarily sold into the aquaculture fish feed, animal feed and bio-fuel markets.
Following the transaction, Carl Elde will assume the role of Scanbio CEO. Per Arne Elde will retire as CEO, but remain involved with the company and will have a seat on the Scanbio Board of Directors.
“Scanbio’s fish byproduct processing capabilities are representative of the best-in-class and increasingly sustainable operating practices employed in the Norwegian wild catch and salmon aquaculture sectors,” said W. Dexter Paine III, Paine & Partners partner. “This transaction is aligned with Paine & Partners’ focus on the increasing global demand for efficient and sustainable protein sources, seafood processing, and on actively managing companies’ global expansion efforts. Scanbio’s production and logistics capabilities help transport and process fish byproducts that are not located near an existing fishmeal plant and meet an unmet need in the marketplace.”
