SalMar snaps up family-run Norwegian salmon farmer

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The sale has been confirmed by the management of Øylaks. 

General manager of Øylaks, Ingmar Misund, has told SalmonBusiness that there have been negotiations ongoing for a while but that it has now been finalised.

“That is right. We are selling 51 percent of the company to SalMar.”

“It has been making money for many years, but we haven’t been able to take advantage of the potential to grow. We are standing still on the site, which is why we have chosen to sell,” he said.

The company, which owns and operates one site in Midsund in Molde municipality, Norway, has been family-run since 1973, where the brothers Ingmar and Runar Misund have operated in recent years. The brothers each own 50 percent of the shares.

2021 was a very good year for the company, with a profit before tax of NOK 59.1 million (€5.8 million). 

Price withheld
Ingmar Misund did not want to comment on the amount the sale has brought in, or whether they received compensation in the form of shares, but says that the price is linked to the value of the site.

Misund also confirmed that they are withdrawing from operations in the company.

“We harvested our last fish in early September, so it will be SalMar who will take over the operation from now on.”

“It is of course not fun, but with all the uncertainty that occurs around the valuation of concessions and property tax, we have come to the conclusion that it is the best for us.”

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High value
CEO of SalMar, Linda Litlekalsøy Aase, confirm the agreement to SalmonBusiness.

“It is based on the fact that we have a local affiliation from before, where we see the acquisition as a positive development for the company,” she said.

“It is an industrial strategic choice. It is both practical and profitable.”

The market price of a concession is currently worth between NOK 200 (€19.6 million) and 300 million (€29.4 million).

At the end of 2021, Øylaks had equity book of NOK 239.9 million (€23.5 million).