Food industry major Jerónimo Martins Group to invest in Andfjord Salmon

Jerónimo Martins, a Portugal-based international food industry Group has agreed to invest NOK 173,9 million (equivalent to c. € 16,8 million) in Andfjord Salmon through a directed private placement.

22 June 2022

Jerónimo Martins, a Portugal-based international food industry Group has agreed to invest NOK 173,9 million (equivalent to c. € 16,8 million) in Andfjord Salmon through a directed private placement.

"Just a few days before the 2022 United Nations Ocean Conference in Lisbon, we are investing in a promising and truly innovative sustainable business project that is fully aligned with our corporate responsibility priorities. Andfjord Salmon’s project is focused on using efficient technology to produce salmon – a strategic seafood product -with less impact on natural resources, therefore contributing to conserve and sustainably use the ocean, the sea and marine resources. In a challenging backdrop of both high pressure on the ocean stocks and food security, we believe that investing in this innovative and sustainable production will also work for us as a learning curve accelerator in what regards best practices in aquaculture projects,” says Pedro Soares dos Santos, Jerónimo Martins Chairman and CEO.

With this investment, done through its agribusiness subsidiary Jerónimo Martins Agro-Alimentar, S.A., Jerónimo Martins Group becomes one of the largest shareholders in Andfjord Salmon with an ownership share of 10.1 percent.

“We are delighted to attract such a major industrial investor to Andfjord Salmon. We consider it an advantage to have an owner that possesses extensive competence about international food industry sales, marketing, logistics and distribution. Hopefully we can tap into this know-how when we are ready to bring our salmon to the market,” says Martin Rasmussen, CEO of Andfjord Salmon.


Andfjord Salmon has set an ambition to develop the world’s most fish-friendly and sustainable fish farming facility of its kind. The company’s flow-through system is key to recreate the salmon's natural habitat on land and thereby produce salmon with very low energy consumption and smallest possible environmental footprint.

Andfjord Salmon’s sustainability profile has been an important factor behind Jerónimo Martins Group’s investment in the company. Jerónimo Martins Group invests heavily in sustainable food production and distribution. CDP - Disclosure Insight Action, which assesses 13,000 companies across the globe, has positioned the Jerónimo Martins Group at the leadership level including the Company in its “A List” in the Climate and Water Security programmes. As regards deforestation, and for the third consecutive year, the group is the only food retailer in the world to score an 'A-’(leadership level) in most of the commodities linked to deforestation – palmoil, cattle and soy.

“Jerónimo Martins Group’s approach to sustainable food production and operations is highly impressive. We are proud that the Group has identified Andfjord Salmon’s approach to sustainable fish farming as a good match for its own sustainable, agribusiness portfolio,” adds Martin Rasmussen.


Under the agreement, Andfjord Salmon will issue, and Jerónimo Martins Agro-Alimentar will subscribe for, 4,144,932 new shares in Andfjord Salmon through a directed private placement.

The new shares will be issued by the board pursuant to the authorization granted by the annual general meeting on 28 April 2022. The private placement will require a deviation from shareholders' pre-emption rights, in line with the authorization granted by the general meeting. The board has considered the private placement in light of relevant equal treatment regulations, and concluded that it will be in both Andfjord Salmon’s and its shareholders' interest to carry out the private placement asset out herein, taken into account inter alia also the expertise, contributions and commitments offered by Jerónimo Martins Group and in view of the further development of the company.

The subscription price per new share has been set to NOK 41.945, which is equal to the midpoint between the  average volume weighted price of the Andfjord Salmon shares in last the 15 trading days and the last 30 trading days on Euronext Growth Oslo. In total, the private placement will raise gross cash proceeds of NOK 173,9 million. The proceeds are intended to be used partly for funding the company's expansion plan and for general corporate purposes.

Following completion of the directed private placement, subscription of the new shares and relevant registrations, the share capital of Andfjord Salmon will be NOK 41,038,927, divided on 41,038,927shares.


Andfjord Salmon plans to release smolt in its first pool at Kvalnes, Andøya, in June 2022.

Blasting and excavation work for the next pools(Phase 2) at Kvalnes is ongoing.

Andfjord Salmon holds a license to produce10,000 tonnes MAB salmon at Kvalnes, equivalent to a target production volumeof 19,000 tonnes HOG.

Sparebank 1 Markets AS has acted as financial advisor to Andfjord Salmon in the transaction. Advokatfirmaet Schjødt AS has acted as legal advisor to Andfjord Salmon and Advokatfirmaet Thommessen AS as legal advisor to Jerónimo Martins.


Martin Rasmussen, CEO, Andfjord Salmon AS,+47 975 08 665,

Bjarne Martinsen, CFO, Andfjord Salmon AS,+47 975 08 345,

Rita Fragoso, Head of Media, Corporate Communications and Responsibility, Jeronimo Martins, +351 21 752 61 14,


Located at Kvalnes on the island of Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming ofAtlantic salmon, based on a flow-through technology solution . The company's ambition is to build the world's most sustainable aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.  


Jerónimo Martins Group is an international group based in Portugal with over 230 years’ history in the food business. The group addresses the daily needs of millions of consumers in three countries through a value proposition based on quality food at competitive prices. Food distribution is its main activity.

In 2021, Jerónimo Martins Group delivered revenues of 20.9 billion Euros, with a net profit of 463 million Euros. The group had 4,908 stores and 123,458 employees at year-end 2021. Ranked by market capitalisation, the group is second highest valued company on the Lisbon stock exchange.

The Polish food store chain Biedronka is the Jerónimo Martins Group’s largest business. In Portugal, Pingo Doce is the supermarket segment leader while Recheio leads the cash and carry market. In Colombia, Jerónimo Martins Group owns the Ara chain of stores. Private label products are a major part of the group’s product mix.

The group also develops an agribusiness operation, Jerónimo Martins Agro-Alimentar, to secure a sustainable supply of strategic products, ensuring food safety and availability. Together with the group’s retail companies, the agribusiness unit stimulates innovation, differentiation and development of new products.

Jerónimo Martins Agro-Alimentar is divided in four business areas: dairy, livestock farming, fruit and vegetables, and aquaculture. The aquaculture business area today operates three ocean-based fish farms – two in Portugal and one in Morocco. In 2021, it had a total production of 1,400 tonnes of sea bass and sea bream.

Andfjord Salmon is a Norwegian company established in 2014. The company is listed at Oslo Stock Exchange (ANDF), and located at Kvalnes on the northernmost island of Andøya in Vesteraalen, Norway.