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Pure Salmon/8F acquires aquaculture business in Krüger Kaldnes AS

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Thommessen has assisted the PE fund 8F and its global aquaculture division, Pure Salmon, with acquiring the land-based aquaculture business in Krüger Kaldnes AS from Veolia. The purchaser under the APA is the Norwegian private limited liability company, Pure Salmon Kaldnes RAS AS.

The transaction comprises all assets, rights and obligations related to the Kaldnes RAS aquaculture business of Krüger Kaldnes, and the municipal and industry division of Krüger Kaldnes is carved out from the transaction scope, and will remain part of the Veolia group. All employees within the Kaldnes RAS segment will be transferred to Pure Salmon Kaldnes RAS as part of the transaction, in addition to (project) contracts, equipment etc. related to this segment only. Kent Kongsdal Rasmussen will continue in his role as CEO of the business in Pure Salmon Kaldnes RAS.

Krüger Kaldnes is a Norwegian-based leading player within RAS ("recirculating aquaculture systems") design, operation and maintenance. It has 55 employees and includes SalMar, Lerøy, and Mowi among its clients. The company delivered the two largest smolt facilities in the world, Helgeland Smolt and Lerøy Sjøtroll. The latest big project will be to deliver the technological solutions for one of the world´s largest and most advanced production facilities for juvenile fish, for SalMar. The NOK 1.2 billion (£102m) project, at Tjuin, Steinkjer in Norway was announced in February this year.

Pure Salmon is 8F’s Abu Dhabi-based operating fish farming company, with vertically integrated facilities in US, Poland, France and Japan, and with more sites planned in China, South East Asia and the Middle East, in addition to the latest addition in Norway. Its target is to produce 260,000 tonnes annually.

Stephane Farouze, Founder of 8F and Chairman of the Board of Pure Salmon Ltd has stated: “Our ambition with Pure Salmon is to become the largest global sustainable salmon producer. Pure Salmon Kaldnes RAS is a powerful addition to the vertical integration of our business model. With their know-how and expertise in delivering large-scale land-based facilities, we will contribute to supplying the world with nutritious, healthy, clean, traceable and locally produced protein.”

Team Thommessen has consisted of Christian Grüner Sagstad (Partner M&A and ECM), Siren Ellensen (Managing Associate M&A), Lars Petter Wassås Kveinå (Associate M&A), Nikolai Rekman (Associate IT/IP) and Hilde Wiig Nicolaysen (Senior Associate Employment).

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