Aker BioMarine buys krill company for $34m

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Aker BioMarine has purchased krill operations from Canadian company Neptune for $34m. Neptune is getting out of krill altogether, and will now focus on cannabis extraction for medical uses.

Aker BioMarine has captured krill since 2007 and has a turnover of approximately $ 125m. The $ 34m acquisition will boost growth in the company.

“There are large fixed costs in the industry, and scale is therefore very important. We have now grown big enough to achieve profitability and have thus matured as a company. The most important thing now is to accelerate growth,” Matts Johansen, CEO of Aker BioMarine, told Norwegian news daily Dagens Naringsliv.

The company takes over Canadian Neptune’s patents, brands and customers in the krill business. No employees are being transferred to Aker BioMarine.

Nasdaq-listed Neptune will use the funds to develop new business directions.

“The revenues from the sale will enable Neptune to accelerate its commitment to positioning the company in attractive growth segments such as cannabis extraction,” said Jim Hamilton, a Neptune boss in a press release.