Having been a minority shareholder for some years in Bøteriet AS, Mørenot has now strengthened its presence in northern Norway with the acquisition of the remaining shares in the company, purchased from Breivei AS.
Bøteriet’s activities are primarily in service and repair of equipment for the aquaculture sector and it has a staff of twenty at its facility at Norefold in Steigen. Bøteriet has grown steadily and had a NoK35 million turnover in 2018.
“This location is a hub in an important region. Not only does the acquisition strengthen Mørenot's presence in northern Norway, we can also make use of the capacity of our various facilities even better, to the benefit of our customers. We also see opportunities for building an even larger business based on our broad product portfolio,” said Mørenot Aquaculture CEO Jan Eskil Hollen.
Following investment fund FSN Capital buying into Mørenot last year, together with the local entrepreneurs, there has been increased scope to further develop the Group's already strong position in aquaculture and fisheries. As part of this, it will contribute to a Norwegian-led consolidation of the global market through both organic growth and acquisitions.
FSN Capital’s investment manager Ola Kvalheim described the move as a strategically important investment.
“It is very pleasing that Mørenot continues its strategy with this strong presence along the coast. Local investments and workplaces are important for creating good competence environments along the coast, as well as highlighting the positive effects of farming and fisheries. Conditions are well suited for further growth in the aquaculture industry, especially in northern Norway, and with Bøteriet on the team, Mørenot becomes an even better partner for customers in growth,” Ola Kvalheim said, adding that praise is due to Bøteriet’s outgoing chairman and principal owner, Tarald Sivertsen.
“Mørenot's intention to invest heavily here in Steigen and build on what we have started was crucial for us in finding a solution together,” Tarald Sivertsen said.
“Together with the management and the employees, we have built a forward-looking business, in terms of expertise, capacity and quality of the services provided. We have also focused on creating a safe and good workplace. Bøteriet becoming a part of Mørenot will be positive for both employees and customers.”
Bøteriet AS currently owns Slip1 AS, which carries out maintenance of boats and workshop services for the fisheries and aquaculture industry. With Mørenot becoming sole owner of the Bøteriet, ownership of Slip1 is transferred to Tarald Sivertsen.
“Slip1 is an exciting business that I want to continue to develop. The company is in the middle of a process that facilitates increased capacity and activity to better support customers in fisheries and fish farming,” he said.
Kenneth Larsen, who has been general manager of Bøteriet since 2006, will be responsible for Mørenot's commitment to service services towards the aquaculture industry in northern Norway, while continuing with responsibility for the business in Steigen
“Bøteriet and Mørenot have had a very good relationship for a number of years and we fit very well together,” Kenneth Larsen said.
