Altor Fund III (“Altor”) and funds advised by Bain Capital Europe, LLP (“Bain Capital”), have agreed to acquire EWOS from Cermaq ASA, valuing the business at NOK 6.5 billion (Enterprise Value)
Altor and Bain Capital look forward to working with EWOS’ management team to further develop its world leading fish feed business. While EWOS has developed into a global market leader in salmon feed, Altor and Bain Capital believe there is further potential to grow by focusing on R&D, developing higher quality feed and continuing the expansion of the business internationally.
“Fish Farming has grown to become one of our largest export industries in Norway, and Norwegian companies will continue to play a leading role in the future development of this industry globally. We have followed EWOS for several years and are excited to get the opportunity to work with them in their next phase of development” said Hugo Maurstad, Partner at Altor Equity Partners.
Over the last years EWOS has, through an extensive R&D program, lead the industry towards developing sustainable farming methods and new functional feed types which improves growth performance and fish health.
“EWOS is the global leader in salmon feed innovation and has helped transform the industry, supporting growth in sustainable salmon farming methods. EWOS is poised to benefit from the increasing demand of global consumers for healthier forms of protein such as salmon. We are excited about partnering with EWOS to grow and invest to further enhance the strength of its global franchise, brand with customers, and world‐recognised leadership in feed research and development” said Ed Han, Managing Director at Bain Capital.
Cermaq will be divesting the entire shareholding in EWOS, but will continue to use EWOS as the feed supplier to Mainstream.
“We believe the agreed transaction is attractive for the Cermaq shareholders, and we are confident that Altor and Bain Capital will be excellent partners for the EWOS management going forward in further strengthening EWOS position as the leading global salmon feed company, and we look forward to continue the close relationship between Mainstream and EWOS.” said Jon Hindar, CEO of Cermaq ASA.
The transaction is scheduled to close by the end of October 2013.
Carnegie has acted as financial advisor, and Kirkland & Ellis and Thommesen as legal advisors, to Altor and Bain Capital in connection with the transaction.