Altor Fund III (Altor) and Bain Capital Europe III (Bain Capital) sell EWOS to Cargill inc. (Cargill). EWOS is a world-leading fish feed producer holding around one third of the market for salmon feed. The transaction values EWOS at EUR 1.35 billion.
Altor and Bain Capital acquired EWOS from Cermaq in 2013 and established it as a standalone company. Following their investment, EWOS has continued to improve its strategic position as well as its operational and financial performance. EWOS will become a key building block in Cargill’s strategy to expand its animal nutrition business into the aquaculture industry.
“When we entered into the salmon fish feed industry in 2013, it was after following the sector for several years. We have learned a lot from working with EWOS over the last few years, and remain enthusiastic about the growth prospects of fish farming and the importance of fish feed to ensure sustainable growth of farming. We believe Cargill will become a very good owner of EWOS in the next phase of the company’s development. Altor and Bain Capital will remain invested in the fish farming sector through its ownership of Nova Austral in Chile”, comments Hugo Maurstad, Chairman of the Board of EWOS and Partner in Altor.
“Since we became owners of EWOS in 2013, and having created a truly independent company, we have achieved significant operational improvements across all facets of the business. This includes R&D investment as well as substantial efficiency enhancements which has positioned EWOS as a key global strategic asset for anyone with the ambition to enter into this sector”, says Ed Han, Board member of EWOS and Managing Director at Bain Capital Europe.
“With significant support from Altor and Bain Capital, Ewos has embarked on a broad improvement program, driving performance in our sourcing, manufacturing, logistics and sales. We have also substantially expanded our investments in R&D. The recent investment in the Fish Health Center in Chile is a milestone for EWOS and the fish feed industry. We have become a better company. Now with access to Cargill’s unique animal nutrition competence and resources, we will be better able to serve customers. This is a natural next step in EWOS’ evolution”, says Einar Wathne, CEO of EWOS.
Closing of the transaction is subject to customary regulatory requirements and approvals.