Altor and Bain Capital to acquire EWOS


Jul 18 2013

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.

For further information, please contact;
Hugo Maurstad, Altor Equity Partners, +47 22 12 83 83
Ed Gascoigne‐Pees, PR representative for Bain Capital, +44 (0)7884 001 949

About Altor
Altor Equity Partners acts as investment advisor to the Altor funds, out of offices in Stockholm, Oslo, Copenhagen and Helsinki. Since inception, the Altor funds, with a committed capital of EUR 3,800 million, have invested in close to 40 companies. The investments have been made in Nordic mid‐cap companies with the aim to create value through growth initiatives and operational improvements.

Among the investments are Lindorff, Helly Hansen, AGR, Eltek, Norsk Gjenvinning, SPT Group, Navico, Constructor and Elixia. For more information, please visit

About Bain Capital
Bain Capital is one of the world’s leading private investment firms with approximately USD 70 billion in assets under management. The firm works alongside the management teams of the companies it invests in to further their growth and development. Its executives have extensive operational and consulting experience and since 1984 have invested in over 250 companies around the world, among them Bravida and Securitas Direct based in the Nordic region. Bain Capital has a distinctly people‐intensive, value‐added approach to investing, with a strong emphasis on supporting management teams to drive strategic and operating improvements, as well as a truly global footprint supporting portfolio companies to grow in a global marketplace. Bain Capital Europe, the firm’s European private equity affiliate, has been investing with the same philosophy since 1989. Bain Capital has offices in London, Munich, Luxembourg, Boston, Chicago, New York, Hong Kong, Mumbai, Shanghai and Tokyo. For further information about Bain Capital:

Press contact

Karin Åström

Head of Communications

+46 707 64 86 59



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