Portuguese food conglomerate Jeronimo Martins Group, through its subsidiary Jeronimo Martins Agroalimentar (JMA), has further increased its stake in Norwegian land-based salmon farmer Andfjord Salmon, acquiring two million shares from Andfjord Holding AS.
The transaction, valued at NOK 60 million (€5.1 million/$5.7 million), was conducted at a price of NOK 30.00 (€2.60/$2.90) per share, according to a stock exchange announcement made on Monday.
The sale represents 2.95% of Andfjord Salmon’s total outstanding shares, and strengthens JMA’s position as the largest shareholder in the company, increasing its stake to 28.03%.
Andfjord Holding, owned by Andfjord Salmon founder Roy Bernt Pettersen, reduced its holding from 10.15% to 7.18% following the transaction.
This acquisition aligns with JMA’s strategy to invest in sustainable food production, an area of increasing importance for the €31 billion ($34.5 billion) Portuguese food, distribution, and retail giant.
Strategic Implications
For Andfjord Holding, the block sale eases financial pressures related to managing wealth tax obligations and allows for the reduction of debt tied to forward contracts on the 2 million shares sold.
“We are pleased that JMA has acquired these shares,” said Andfjord Holding CEO Roy Pettersen. “JMA has been an invaluable partner in our growth, and we look forward to continuing our collaboration.”
JMA’s investment is one of several high-profile backing moves in Andfjord Salmon, with Canadian frozen seafood company High Liner among the other significant investors in the firm.
The increased shareholding by JMA further solidifies its influence within the company as it continues to support Andfjord Salmon’s long-term growth and development within the land-based aquaculture industry.
