Aker BioMarine has entered into an agreement with American Industrial Partners (AIP) and Aker Capital for the sale of Aker BioMarine’s ownership position in the Feed Ingredients business, based on an enterprise valuation of USD 590 million. The acquiring party will be a newly established company owned 60% by AIP and 40% by Aker Capital.
Earlier this year, Aker BioMarine announced a strategic review of its ownership position in the Feed Ingredients business. The transaction will create significant shareholder value and is an important step in crystallizing value and enabling a focused Aker BioMarine within the human health and nutrition business.
"We are pleased to announce the sale of our ownership position in the Feed Ingredients business. This transaction is the result of a process that attracted interest from a wide range of reputable parties and not only demonstrates the value of Feed Ingredients but also underscores the value potential of Aker BioMarine as a whole. We will continue to explore how we can drive shareholder value by enabling potential partnerships and transactions for each of the remaining business units,” said Matts Johansen, CEO of Aker BioMarine.
“We are eager to join forces with AIP, leveraging their maritime expertise and growing aquaculture presence to accelerate our growth trajectory. This partnership positions us to more rapidly advance the aquaculture, animal health and sustainability benefits of krill globally,” said Webjørn Barstad, CEO of Aker BioMarine’s Feed Ingredients segment.
“Krill is a powerfully evolving niche market with compelling and sustainable growth opportunities given both its nutrient dense properties and the still underutilized nature of the vast but remote Antarctic fishery,” said Toni Rinnevaara, partner and chief investment officer of AIP. “As the industry’s pioneer, Aker BioMarine has been a leading innovator in both krill harvesting technologies as well as the evolution of high-value market applications of the resource through the advancement of aquaculture food science. At AIP, we put great emphasis on partnering with extraordinary people and organizations and we are wholly committed to a close collaboration with the company, its management team and Aker ASA to help Feed Ingredients achieve its great potential.”
Following the transaction, Aker BioMarine will be a focused human health and nutrition company consisting of three business units; (1) Human Health Ingredients (2) Consumer Health Ingredients and (3) Emerging Businesses. Aker BioMarine has entered into a long-term contract with Feed Ingredients for the supply of krill raw materials for its Human Health Ingredients business.
Closing of the transaction is expected during the third quarter of 2024, subject to obtaining the necessary competition clearances. Arctic, Carnegie and Rabobank acted as financial advisors to Aker BioMarine in connection with the transaction, and Schjødt as legal adviser.
