The investment companies Kverva Technology and Frøyaringen, which own fish farming suppliers Steinsvik Group and Aqualine, have jointly established a new company that will own 100 percent of both Steinsvik Group and Aqualine.
The new company has an expected turnover of over €150m and 700 employees. Kverva Technology owns 90.1 percent of the company, while Frøyaringen owns the remaining shares.
Both Steinsvik Group and Aqualine will consist of own companies after the transaction, with the continuation of today’s locations and businesses. The establishment will strengthen the companies’ investment in developing future solutions for the aquaculture industry, which has been the main driving force behind the establishment of the new company. Furthermore, companies will complement each other in terms of product and service offerings, as well as geographical presence, Kverva writes in a press release Tuesday evening.
It is expected that the establishment will take place as soon as necessary competition law approvals and remaining due dilligence processes are completed.
“It has been crucial for us that the companies have a coherent value base where competence and innovation are highly valued. Steinsvik is driven by a strong desire to improve today’s farming technology, and we find the same creativity in Aqualine. This gives us great faith that together we will help breeders to become even more cost-effective and productive”, said Terje Eidesmo, CEO of Kverva Technology.
“We have great ambitions and are confident that the cooperation will contribute positively to the development of the industry. In various areas Aqualine and Steinsvik have become the leading technology company in the aquaculture industry, and we see that we complement each other and stand stronger together than each one for us. This provides the basis for investing even more in research and development, focusing on comprehensive and complete solutions”, said Trond Lysklætt, CEO of Aqualine.
Steinsvik Group has its head office at Haugesund and branches along the Norwegian coast, and in Scotland, Chile, Oceania, Canada, Vietnam, Spain and Turkey. Revenues in 2016 was nearly €100m and have increased further in 2017. The company has approx. 600 employees.
Aqualine is an FOU-based system supplier and manufacturer of float collars, mooring systems, marine engineering, nets and service. Aqualine has its headquarters in Trondheim, Norway, and a subsidiary in Australia. The company had a turnover of €46m in 2016 and expects a significant increase in 2017.
Investment tool Kverva is controlled owned by SalMar’s founder Gustav Witzøe.