Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
   


Salmon Evolution ASA: Acquisition of smolt producer Kraft Laks

Click on the flag for more information about Norway NORWAY
Tuesday, August 17, 2021, 14:00 (GMT + 9)

Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is pleased to announce that it today has acquired 100% of the shares in Kraft Laks AS (“Kraft Laks”), a family owned smolt producer located in Dalsfjorden in Volda municipality.

Kraft Laks has a documented track record as a high quality smolt producer and the facility, under the selling family’s ownership, has been producing smolt since 1995. Over the last years, the majority of the smolt produced has been sold on a long-term contract to one of the major salmon farmers. The company has an annual production of around 1.8 million smolt, but has a license to produce up to 5 million smolt p.a., subject to certain conditions. The parties have identified significant expansion opportunities for the facility which, if realized, is expected to also cover Salmon Evolution’s smolt needs for at least phase 2 at Indre Harøy based on current plan.

One of the major advantages with Kraft Laks is its excellent freshwater supply. From 3 inlet stations (2 rivers), Kraft Laks has good access to clean freshwater from the surrounding mountains. Also, a royal resolution secures minimum freshwater supply from the local power station at all times. The solid freshwater access has enabled Kraft Laks to utilize a similar production technology as Salmon Evolution’s hybrid flow-through system (HFS) with reuse of water, CO2 stripping and oxygenation, making Kraft Laks a perfect fit for Salmon Evolution.

Kraft Laks AS smolt facility (Photo: courtesy Rådgivende Biologer AS -->

The purchase price for 100% of the shares in Kraft Laks is agreed to NOK 76.5 million, which is based on an enterprise value of NOK 70 million on a cash and debt free basis. Over the last 3 financial years, the company has had an annual average EBITDA of approx. NOK 10 million and annual average revenues of approx. NOK 28.5 million. The purchase price is payable as follows:

  •     NOK 16.6 million in the form of new Salmon Evolution ASA shares issued at a subscription price of NOK 7.5775 per share which equals the volume weighted average price the last 20 days prior to the transaction. As a result, Salmon Evolution will issue 2,190,694 new shares (the “Issue Shares”) to the previous Kraft Laks owners as sellers. The Issue Shares will be subject to a 12 months’ lock-up and will be issued pursuant to the board authorization granted by Salmon Evolution’s general meeting on 19 May 2021
  •     NOK 35 million payable by Salmon Evolution in cash at closing and the remaining balance structured as a deferred cash payment

The cash part will be paid from existing available funds. The Issue Shares are expected to be issued shortly. Upon completion of the issue of the Issue Shares, Salomon Evolution will have a share capital of NOK 15,262,755.75 consisting of 305,255,115 shares, each with a par value of NOK 0.05.

Mr Ingjarl Skarvøy, COO of Salmon Evolution comments:

“The acquisition of Kraft Laks is the result of a thorough process where Salmon Evolution has evaluated a number of alternatives with respect to sourcing of smolt. The Company is confident that acquiring an existing operation with documented track record has a significant risk mitigating effect. It also gives us flexibility with regards to our production plan at Indre Harøy and finally it does so in a cost and capex effective manner”.

Mr Knut Endre Heltne, majority owner and general manager of Kraft Laks further comments:


“In Salmon Evolution we have found a partner that share our philosophy when it comes to salmon farming. For me it is a great privilege to join the Salmon Evolution team as continued general manager of Kraft Laks and for us as a family we also look forward to take part in Salmon Evolution’s exciting journey as shareholders”.

Kraft Laks AS smolt facility location Image: courtesy Rådgivende Biologer AS

Currently, Kraft Laks is fully stocked with smolt to cover its existing customer contract. The existing inventory is also aligned to cover Salmon Evolution’s expected smolt needs from and including the first smolt release at Indre Harøy planned in March 2022 based on the current plan.

[email protected]
www.seafood.media


 Print


Click to know how to advertise in FIS
MORE NEWS
China
Mar 29, 07:40 (GMT + 9):
Southeast Pacific Squid Index: Giant squid (dosidicus gigas)
Canada
Mar 29, 07:10 (GMT + 9):
Cooke Aquaculture Named One of Atlantic Canada’s Top Employers
France
Mar 29, 07:00 (GMT + 9):
Other Media | The Fishing Daily: French Minister Urges Dialogue Over UK Expansion of Marine Protected Areas
Thailand
Mar 29, 07:00 (GMT + 9):
Thai Union Collaborates to Achieve Zero Wastewater Discharge and Establish an Industry Learning Center
Russian Federation
Mar 29, 07:00 (GMT + 9):
Russia and China Combat Illegal Fishing: Electronic Certificates of Legality for Catches
United Kingdom
Mar 29, 07:00 (GMT + 9):
Brexit costs Scotland up to USD 126.09 million-a-year in lost salmon exports
Japan
Mar 29, 03:00 (GMT + 9):
Driftnet fishing for salmon and trout starts early. Agreement with Russia
Russian Federation
Mar 29, 01:00 (GMT + 9):
Will the Russian Far East be the country with the most snow crabs in 2025?
Viet Nam
Mar 29, 01:00 (GMT + 9):
Shrimp exports from Ecuador are facing many challenges
Australia
Mar 28, 21:10 (GMT + 9):
IN BRIEF - At WTO, Australia seeks details on India's fisheries plan
Croatia
Mar 28, 21:00 (GMT + 9):
IN BRIEF - Cromaris business results in 2023
United States
Mar 28, 07:20 (GMT + 9):
AQUA Cultured Foods Partners with Ginkgo Bioworks to Optimize Alt-Seafood Production
United States
Mar 28, 07:00 (GMT + 9):
Seafood Expo Global Announced Finalists of the 2024 Seafood Excellence Global Awards
Norway
Mar 28, 07:00 (GMT + 9):
Borealis and AKVA group launch groundbreaking Polarcirkel™ workboat hull crafted from renewable feedstock-based plastic
Viet Nam
Mar 28, 07:00 (GMT + 9):
China & HK imported 75 million USD of Vietnamese pangasius



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Clipfish challenges in Brazil: Port bureaucracy stops millions worth
Brazil More and more clipfish containers are being stopped in Brazilian ports. - Complicated regulations make market access challenging, to say the least, say Norwegian exporters who risk large losses. Bra...
Catches in the Sea of Okhotsk and Bering Sea
Russia Fed. Situational update as of 03/24/2024 Source: Stockfile FIS Sea of Okhotsk (pollock) According to OSM data in the Sea of Okhotsk, pollock catch (industrial and coastal fisheries) as of March 24, 20...
Productive Development of the Fishing Activity
Peru Fishing Sector Bulletin - January 2024 The landing of hydrobiological resources registered a negative interannual variation of 62.7%, as a result of the lower landing of fishing resources for indirec...
NGO Sues UK Government Over International Fishing Quotas
United Kingdom Blue Marine Foundation, a charity dedicated to restoring the ocean to health, has launched legal proceedings over the government’s decision to set fishing opportunities, for more than half UK st...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER