Scanbio Marine Group AS to Acquire Biokraft Marin AS
TRONDHEIM, Norway, July 9, 2013 /PRNewswire/ -- Scanbio Marine Group AS ("Scanbio"), a leading producer of fish protein concentrate, fish meal and fish oil from fresh and ensiled fish by-products, today announced that it has acquired Biokraft Marin AS ("Biokraft Marin"). Based in Selva, Norway, Biokraft Marin is a subsidiary of Biokraft AS that collects, stores and processes category-2 fish by-product. Financial terms were not disclosed.
Biokraft Marin, which was formed as a wholly owned subsidiary of Biokraft AS in August 2010, manages the collection and storage of dead and diseased (category-2) fish by-product from aquaculture fisheries in Norway, which it processes into fish oil and a biomass substrate. The Company operates two vessels along the Norwegian coastline and has strong relationships with a number of important fish farmers in the mid and northern regions of Norway. Biokraft Marin also operates a state-of-the-art by-product processing facility in Selva, Norway.
Havard Grontvedt, Managing Director of Biokraft Marin, and the rest of the Biokraft Marin team will join Scanbio.
"We are excited about the acquisition of Biokraft Marin, which significantly increases our access to sustainable category-2 fish by-product while enhancing our ability to provide a valuable service to the growing aquaculture industry by helping fish farmers comply with increasingly strict bio security regulations," said Andreas Kvame, Chief Executive Officer of Scanbio. "The addition of Biokraft Marin allows us to increase our operational efficiency and provide superior service to many of the largest aquaculture companies in the world, while streamlining our production and logistics footprint through asset consolidation. It is also consistent with Scanbio's business model of reducing waste and converting otherwise unused by-products into valuable ingredients for both the animal feed and, now, the bio energy sectors. We look forward to welcoming Biokraft Marin's talented team to Scanbio."
Mr. Grontvedt said, "Scanbio is well known for its leadership position in our sector. We believe the combination of Biokraft Marin's strong relationships with fish farmers in Norway and our recently built processing facility at Selva will be of great benefit to Biokraft Marin and Scanbio. Our customers and suppliers should expect the same high-quality service from Biokraft Marin going forward. We look forward to joining forces with Scanbio to grow the combined business."
About Scanbio Marine Group AS
Scanbio was established in 1984 in Bjugn, Norway and is a portfolio company of Paine & Partners, LLC. The company specializes in the production of fish protein concentrate, fish oil and fishmeal from fresh preserved by-products (silage) and fresh raw materials. Scanbio has three production plants in Norway and sales operations in Scotland.
About Biokraft Marin AS
Based in Selva, Norway, Biokraft Marin AS manages the collection and storage of category-2 fish by-product from aquaculture fisheries in Norway. Biokraft Marin AS also processes the by-product into fish oil and a biomass substrate.
About Paine & Partners, LLC
Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs. Paine & Partners engages exclusively in friendly transactions developed in cooperation with a company's management, board of directors and shareholders. The firm currently makes investments through its $1.2 billion fund, Paine & Partners Capital Fund III, L. P. and related entities. For further information, see www.painepartners.com.
Andy Brimmer / Aaron Palash / Bryan Darrow
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Scanbio Marine Group AS