RaumaGruppen AS - Acqusition

July 13, 2010 16:01
SalMar has on July 8th 2010 agreed to acquire the share majority RaumaGruppen AS through purchase of 96.3% of the shares in Reistad Eiendom AS, a company holding 73.08% of the shares in RaumaGruppen AS, as well as purchase of 2.46% of the shares in RaumaGruppen AS directly from Bjarte Tunold. Reistad Eiendom AS has no activity other than the ownership in RaumaGruppen AS, reports www.megafishnet.com with reference to SalMar.

The purchase price for the shares is set to NOK 304.9 million. The share transfer will take place on 8th of July, the purchase price will be paid in cash.

  • RaumaGruppen AS is a holding company in a Group including:
  • Rauma Stamfisk AS (100%) - broodstock and roe/egg production
  • Rauma Sætre AS (100%) and Rauma Eik AS (100%) - production of smolt
  • Rauma Misund AS (100%) - farming
  • Vikenco AS (51%) - harvesting, processing and sales

RaumaGruppen AS harvested about 7,500 tonnes gutted weight in 2009 and had revenues of approximately NOK 370 million. The company has 8 farming licenses including two broodstock licenses. The hatcheries produce about 3 million smolt per year, most of which is used internally. Rauma Stamfisk (broodstock) produces eggs of the well-known Rauma-stock. In the 2009/2010 season, the production is expected to be around 20 million eggs. In 2009, Vikenco AS had about 10,000 tonnes gutted weight of salmon and produced close to 4,000 tonnes of fillet. The largest markets for Vikenco are Norway and the US.

The CEO of the company is Erling Keiseraas and RaumaGruppen AS has about 100 employees. The Board of Directors includes Anders Talleraas (chairman), Per Olav Mevold, Bjarte Tunold James Stove Lorentzen and Per Magne Grøndahl.

As part of the transaction, the following key personnel will sell their shares;

Name

Position in RaumaGruppen AS

Direct or indirect ownership in RG before the transaction

Anders Talleraas

Chairman of the Board

3,8 %

Per Olav Mevold

Vice chairman of the Board and CEO of Vikenco AS

7,3 %

Bjarte Tunold

Board member

17,9 %

Per Magne Grøndahl

Board member

15,4 %

Erling Keiseraas

CEO

6,2 %

Key figures for RaumaGruppen AS

(1 000 NOK)

  Per Q1 2010

2009

2008

2007

Revenues

118 000

366 000

269 000

196 000

Pre-tax profits

21 000

26 000

-33 000

17 000

 

Fixed assets

222 000

225 000

217 000

218 000

Current assets

165 000

170 000

143 000

126 000

Total assets

387 000

396 000

359 000

343 000

 

Equity

158 000

137 000

124 000

151 000

Debt

228 000

258 000

235 000

193 000

Total equity & debt

387 000

396 000

359 000

343 000

SalMar has an explicit growth strategy and the acquisition of the share majority in RaumaGruppen AS is a valuable and important contribution to the company's existing production in Central Norway. SalMar currently holds 43 licenses in this region, which has been the region where SalMar historically has delivered the best financial and biological results in the Group.

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