Nova Sea buys into Torghatten Aqua

The large Norwegian salmon business Nova Sea has entered into a long term collaboration with another salmon company, Torghatten Aqua, with the aim of strengthening both companies.

They say that the plan will contribute to continued sustainable growth and development in the Helgeland region.

Torghatten Aqua AS, formerly known as Torgnes AS, is an investment and development company with roots on the Helgeland coast. Its portfolio includes fish farming operations including Bue Salmon AS, Eco Fjord Farming AS and Codfarm AS, and also training organisation Campus Blue and the Norwegian Aquaculture Centre, which was set up to carry out research and to raise awareness of the industry (pictured, above, is Torghatten’s Toft Brewery site).

Nova Sea comes in as a new major shareholder with a 33.4% stake in Torghatten Aqua., which will happen through a capital expansion in the company and the purchase of shares. It thus becomes the second largest shareholder in the group, with Trøndelag Helgeland Invest, which owns 39% of the shares, still the largest owner.

The farming operations of the Torghatten Aqua companies will eventually be operated in collaboration with Nova Sea.

A joint statement said the boards of Torghatten Aqua and Nova Sea have approved the agreements, and Torghatten Aqua is calling an extraordinary general meeting of the company on 23 February for a final decision.

The Chairman of Torghatten Aqua, Frode Blakstad said the company was very happy to have Nova Sea on the ownership side. He said: “We get increased access to capital and expertise, which means a lot for the further development of our companies.”

Blakstad, who has been central to the negotiations, believes that the common value base in the two companies is important for the ambitious plans going forward.

In recent years, Nova Sea has invested aggressively with billion-dollar investments in a new slaughterhouse, a new hatchery and the purchase of farming volume on Helgeland.

The investment and collaboration with Torghatten Aqua fits in very well with Nova Sea’s investment, the company said.

Aino Olaisen, Chairman, Nova Sea

In addition, Aino Olaisen the chairman of Nova Sea (pictured) said, Torghatten Aqua’s subsidiary Campus BLÅ actively contributes to the recruitment of competent labour, which is crucial for the venture to be successful.

Olaisen addd: “This is a big and happy day for us! The main shareholders in Nova Sea and Torghatten Aqua have worked together for several decades. They have a common ambition for growth and development, both in the companies, the industry and the region. We are therefore pleased that we will be able to actively take part in this in the future.”

Øyvind Løvdahl, the CEO of Torghatten Aqua, added: “We have spent a lot of time since last summer getting to know each other’s businesses, and mapping out synergies and opportunities that the collaboration opens up. We are therefore convinced that what we have arrived at will be very positive for both companies, for the employees and for the shareholders.”