Benchmark Genetics shifts HQ to Bergen following Novo acquisition.
Novo Holdings has completed its acquisition of Benchmark Genetics, the aquaculture genetics division of UK-based Benchmark Holdings, in a transaction valued at up to £260 million. The deal, finalised on 31 March 2025, includes £230 million paid on completion and a further £30 million contingent on future revenue milestones.
As part of the transaction, Benchmark Genetics becomes a privately held company and has relocated its headquarters to Bergen, Norway. The company also now holds full ownership of Benchmark Genetics Salten AS, a land-based breeding centre in Nordland, following the purchase of the remaining 25% stake from Salten Stamfisk AS.
Geir Olav Melingen has been appointed CEO of Benchmark Genetics. Melingen previously served in several senior roles within Benchmark and brings extensive experience in aquaculture genetics and fish health.
Benchmark Genetics will continue to focus on salmon and shrimp breeding programmes, expansion into new markets, and investments in genetic services, biosecurity, and production capacity in Norway, Iceland, and Chile. The company also aims to expand its work in genomics, phenotyping, and reproductive biotechnology.
Novo Holdings, which manages a portfolio of more than 150 companies, said the acquisition aligns with its strategic focus on sustainable food production and life sciences innovation.
Who are Novo Holdings?
Novo Holdings is a Danish investment company wholly owned by the Novo Nordisk Foundation. It is best known for being the controlling shareholder in Novo Nordisk, the pharmaceutical giant behind GLP-1 drugs like Ozempic and Wegovy. However, it also acts as a long-term investor in innovation-driven businesses, particularly in health, industrial biotech, and sustainable food production.
The firm manages over €100 billion in assets, with a growing focus on aquaculture, alternative proteins, and climate-friendly food systems. Its portfolio includes more than 150 companies ranging from early-stage biotech startups to large, mature businesses.
Novo Holdings describes its mission as investing “to improve people’s and the planet’s health.” Its acquisition of Benchmark Genetics reflects a strategic push into sustainable aquaculture — an area where it sees both environmental impact and long-term growth potential.