Cod farming company Norcod AS has entered into an agreement to purchase 100% of the shares in mid-Norwegian harvester Kråkøy Slakteri AS and TN Kråkøy Eiendom AS.
Kråkøy Slakteri achieved revenues of NOK 63 million in 2022 and delivered EBIT of around 5% which will add to Norcod’s free cash flow going forward.
The transaction, which involves 53 full-time employees at Kråkøy Slakteri, is expected to create operational synergies and enable cost efficient operations in Norcod’s value chain.
“Led by our strategy for growth, this vertical integration of our value chain is a strategic step to improve our operations and create a robust and streamlined business model” Norcod CEO Christian Riber said.
“Being part of Norcod will accelerate our growth ambitions and enable our efforts to scale our offering. Joining forces with Norcod is an acknowledgment of the success we have had serving the local market with harvesting services” Kråkøy CEO Roger Sørgård said.
The purchase price will be settled partly in cash and partly in consideration shares in Norcod.
