Steinsvik Group and Aqualine join forcesPublished: 22.11.2017
Kverva Technology AS and Frøyaringen AS, respective owners of Steinsvik Group AS and Aqualine AS, have jointly established a joint venture that will wholly own both Steinsvik Group and Aqualine. The new company has an expected turnover of over 1,5 billion NOK and 700 employees.
Kverva Technology owns 90,1% of the company, while Frøyaringen owns the remaining shares. Both Steinsvik Group and Aqualine will remain separate companies after the transaction, with the continuation of today’s locations and businesses. The commitment of both companies to develop new solutions to the aquaculture industry has been the main driver behind the new company, which is established to further strengthen their positions. The intention is that the companies will be better able to complement each other with their range of products and services, as well as geographical presence. It is expected that the new ownership structure will be put in place as soon as it has been approved under the relevant mergers and acquisitions legislation, and remaining due-diligence processes are completed.
Terje Eidesmo, CEO of Kverva says: “it has been a determining factor that the companies have common fundamental values, where competence and innovation are highly rated. Steinsvik is driven by a strong desire to improve today’s fish farming technology, and we see the same creativity in Aqualine. We have great faith that together we will help the fish farmers to become even more cost-effective and productive”.
“We have great ambitions and are confident that the collaboration will contribute positively in the development of the industry. Aqualine and Steinsvik are leading technology companies in different sections of the aquaculture industry. We see that we complement each other and will benefit significantly from our new alliance. This gives us the basis to further commitment on research and development, and on total and complete solutions”, says Trond Lysklætt, CEO of Aqualine.
About Steinsvik Group: Steinsvik is a leading supplier of robust solutions and products to the aquaculture industry, with a goal of being the preferred partner within aquaculture technology. The group’s headquarter is located close to Haugesund, with departments along the Norwegian coastline, and in Scotland, Chile, Oceania, Canada, Vietnam, Spain and Turkey. Revenues of 2016 exceeded NOK 900 million, and are growing in 2017. The company has about 600 employees. Webpage: www.steinsvik.no/en
About Aqualine: Aqualine is an R&D based cage system supplier and produces cages, mooring systems, marine engineering services, nets and service. Aqualine’s headquarter is located in Trondheim, with three additional bases and warehouses in Norway (at Frøya, Bømlo and Tovik), a service station for nets at Hitra and a subsidiary in Australia. The company’s 2016 revenues were NOK 449 million, and are expected to grow significantly in 2017. Aqualine is owned by Frøyaringen AS, which has received assistance from Pareto Securities in the process. Webpage: www.aqualine.no/en
About Kverva and Kverva Technology: Kverva AS is an investment company focusing on the marine industry. The company is located in Trondheim. Today, Kverva has a portfolio of leading companies within the industry, among them Kverva Technology AS. The marine sector represents a future-oriented and growing industry, where Kverva sees a big potential for value creation. Kverva manages a considerable capital base and has an active investment strategy. Webpage: www.kverva.no/en