February 14, 2008

EW Group acquires majority shares of Aqua Gen

Germany-based EW Group, a company with interests in international poultry genetics, has successfully acquired the majority shares of Aqua Gen AS, a Norwegian breeding company for Atlantic salmon and rainbow trout.

EW acquired the majority shares of Aqua Gen from Verdane Capital AS, which owned 36.1 percent of company shares.

Aqua Gen currently has a 35 percent share of the global market in salmon and trout genetics, and the acquisition looks set to strengthen Aqua Gen's position in the aquaculture sector while enabling further genetic progress of its fish breeding programmes and technical development.

EW Group believes that the acquisition will bring about a beneficial exchange of experience and closer collaboration.

Arne Handeland, partners of Verdane Capital AS, said he is impressed by Aqua Gen's progress, and that they believe the company can continue developing positively while profiting from new genetic opportunities presented by EW Group.

The transaction assures Aqua Gen's independence but aims to further strengthen the company's standing within the aquaculture sector.

Odd Magne Rødseth, CEO of Aqua Gen, said they are pleased at the interest shown in Aqua Gen and that they are also happy to be affiliated to EW Group.

Magne Rodseth added that to be part of a team of the world's leading poultry breeding companies would make important genetic knowledge and research resources available to Aqua Gen.