August 26, 2021

SalMar to buy 45% stake in Refsnes Laks

Fish farming giant SalMar announced on August 25 it has entered into an agreement to acquire a 45% stake in family-owned business Refsnes Laks -  a relatively small player in the Norwegian salmon sector - through a combination of share purchases and private placement.

The purchase price is kr665 million (US$75.4 million).

Refsnes Laks is based in Revsnes, Trøndelag, Norway. It has around 23 employees, with its operations focused on producing sustainable salmon in cages at sea.

The company's salmon is sold to dozens of countries worldwide, notably in the Asian region. Its annual production is just under 4,000 tonnes.

Refsnes Laks chairman Ivar Refsnes said that for many years, a close and value-creating collaboration has been developed between SalMar and Refsnes. This applied to production, processing and sales in an international market.

Ivar Refsnes maintained SalMar's acquisition of a significant ownership interest in the company was a natural continuation of that collaboration.

"It will strengthen the financial basis for the company with its base in Åfjord municipality. This is a good solution for both parties," he added.

SalMar said the transaction will provide it with further sustainable growth in the immediate vicinity of existing fish farming areas in central Norway and it "will be a good industrial solution that ensures significant synergies and further development of existing activity and operational competence."

- Fish Farmer