Ninety percent of the shares in Danish canned fish processor Munkebo Seafood A/S have been acquired by the Bakkafrost Group.
The Faroese-headquartered fully-integrated salmon farming company has advised that the deal completed on 1 January 2022 was jointly made with Michael Karlsen, General Manager at Munkembo, with the shares bought from Paul Lybech.
Lybech had been engaged with Munkebo Seafood for nearly 25 years.
Karlsen, who now holds 10% of the shares in Munkebo, will continue in his position as General Manager.
Munkebo has been engaged in the production of canned fish since being founded in the Danish city of the same name since 1974. It operates a modern facility, which has scope for expansion, and currently produces a wide range of products, including many salmon-based offerings.
Employing around 40 people, Munkebo’s products are mainly sold to retail customers in the EU market.
In 2019, it reported a gross contribution margin of DKK 13.7 million and earnings before interest and taxes (EBIT)
of DKK 2.1 million. In 2020, these results increased to DKK 18.5 million and DKK 4.8 million respectively.
Bakkafrost, which has been one of Munkebo’s largest raw materials suppliers in recent years, said that with the planned increases in its salmon production from its farms in the Faroe Islands and in Scotland over the coming years, Munkebo will have a strengthened raw material base.
Munkebo will also have access to Bakkafrost’s global sales network.
At the same time, Bakkafrost will be able to further increase the value derived from its salmon by-products, it said.
