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Akva Group cage. (Photo Credit: AKVA group)

AKVA group to acquire aquaculture farming services company

  (NORWAY, 1/23/2014)

AKVA Group ASA has entered into an agreement with Egersund Group AS, to acquire 100 per cent of the shares in the aquaculture farming services company YesMaritime AS for a price of NOK 17.5 million (USD 2.8 million).

YesMaritime AS was established in 1985 and has developed to become one of the larger aquaculture farming service companies in Norway. The company is operating out of Bergen and has 29 employees. Currently the company is operating six vessels providing a range of services to the fish farming industry in Western Norway. In 2012 the Company had a turnover of NOK 48.36 million (USD 7.8 million), net profits after tax of NOK 4.02 million (USD 0.65 million)and total assets of NOK 24.77 million (USD 4 million). The preliminary 2013 financials indicates a weaker performance in 2013.

NOK 8.5 million of the purchase price will be paid in cash on completion. The remaining NOK 9 million will be settled in the form of a two-year seller credit from Egersund Group AS on market terms and conditions. The completion of the transaction is subject to ordinary closing conditions including third party consents, and is expected to take place at the end of the first quarter of 2014.

Prior to the transaction Egersund Group AS has entered into an agreement to acquire 47.62 per cent of the shares in YesMaritime AS from Rogaland Sjøtjenester AS, becoming the sole owner of YesMaritime AS. Egersund Group AS will partly settle the transaction with AKVA group ASA shares valued at NOK 14.00 per share, in effect reducing Egersund Group AS' shareholding in AKVA group ASA with 343,550 shares.
 

No agreements have been entered into to the benefit of any member of the board or management in AKVA group ASA or YesMaritime AS in connection with the transaction.

The transaction between AKVA group ASA and Egersund Group AS is considered to be between related parties and will therefore require the consent of an Extraordinary General Meeting in AKVA group ASA pursuant to the Norwegian Public Limited Companies Act section 3-8. Notice for this Extraordinary General Meeting has already been issued.

"The acquisition of YesMaritime AS is a natural step in AKVA group ASAs strategy to strengthen the position in the service segment to the aquaculture industry. We expect the market for farming services to the aquaculture industry to grow in the coming years as well as we will see a consolidation of the players. Through this acquisition AKVA group ASA will be well positioned to participate in this development. YesMaritime AS also holds significant synergies with our existing activity," states Trond Williksen, CEO of AKVA group ASA.


Information of the company:
Address: Nordlysveien 4 - PO Box 271
City: Bryne
State/ZIP: (NO-4349)
Country: Norway
Phone: +47 51 778 500
Fax: +47 51 778 501
E-Mail: [email protected]
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