Leading seafood industry players Nutreco and Holmøy Group to make strategic investments in Andfjord Salmon

Nutreco, a global leader in animal nutrition and aquafeed, and Norwegian seafood group Holmøy, have agreed to invest in Andfjord Salmon, as part of a NOK 38 million private placement.

18 February 2022

Nutreco, a global leader in animal nutrition and aquafeed, and Norwegian seafood group Holmøy, have agreed to invest in Andfjord Salmon, as part of a NOK 38 million private placement. In addition, Andfjord Salmon has entered into an operational feed supply agreement with Nutreco’s aquaculture business line, Skretting.

“Nutreco is a highly reputable player in the aquaculture space, investing in the industry, with Skretting supplying world-leading feed and services to aquaculture producers all over the world. Holmøy is a highly respected Norwegian seafood group with strong local connection to Andfjord Salmon. We are delighted to enter into these agreements, which will bring on board two strategic investors to Andfjord Salmon and secure supply of our preferred feed,” says Martin Rasmussen, CEO of Andfjord Salmon.

Nutreco, with over 12,000 employees in 37 different countries, is a global leader in animal nutrition and aquafeed, with advanced nutritional solutions at the origin of food for millions of consumers worldwide. In Norway, Nutreco operates through its aquaculture business line, Skretting.

“At Nutreco we are committed to our purpose of Feeding the Future. Our investment in Andfjord Salmon fully supports our ambitions to provide solutions to a dynamic and important sector that is essential to ensure that aquaculture continues to meet the seafood needs of our growing global population in a sustainable way,” says Erik Tveteraas, Investment Director at Nutreco.

Holmøy is a seafood group based in Vesterålen, North Norway. It is one of Norway’s largest players within whitefish and salmon. The group’s main activities are operation of trawlers through Prestfjord AS; ocean-based fish farming through Eidsfjord Sjøfarm AS, which has an annual production of 20,000 tonnes Atlantic salmon; and Holmøy Fryseterminal, which offers cold storage of fish and other services. Holmøy group will invest in Andfjord Salmon through its fish farming company Eidsfjord Sjøfarm AS, which already owns 66,400 shares in Andfjord Salmon.

“Fish is our area of expertise, and we are dedicated to developing new technologies and production methods. Investing in Andfjord Salmon is therefore a natural commitment to an industry we are passionate about and where both companies are strongly connected to Vesterålen and North-Norway. We also hope that this investment can stimulate discussions about further cooperation opportunities between the Holmøy group and Andfjord Salmon,” says Knut Roar Holmøy, CEO of the Holmøy group and member of Andfjord Salmon’s board of directors.

Nutreco will invest NOK 20 million in Andfjord Salmon, while Eidsfjord Sjøfarm will invest NOK 8 million.

CEO Martin Rasmussen, Andfjord Salmon.


Under the agreement, Andfjord Salmon will issue, and Nutreco and Eidsfjord Sjøfarm will, respectively, subscribe for 505 050 and 202 020 new shares in Andfjord Salmon through a directed private placement. In addition, Andfjord Salmon’s founder and board member Roy Bernt Pettersen will contribute a further NOK 10 million in new equity, by subscribing for 252 525 new shares in the private placement.

The new shares will be issued by the board pursuant to the authorization granted by the annual general meeting on 6 May 2021. 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 structure of the private placement in light of relevant equal treatment regulations, and concluded that it will be in both the Company's and its shareholders' interest to carry out the private placement as set out herein, taken into account inter alia the expertise, partnership and commitments offered by the investors and in view of the further development of the company.

The subscription price per new share of NOK 39.60, is equal to the average volume weighted price of the Andfjord Salmon shares in last the 60 trading days on Euronext Growth Oslo. In total, the private placement will raise gross proceeds of NOK 38 million. The proceeds are intended to be used partly for funding the company’s expansion plan and 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 36 893 995, divided on 36 893 995 shares.


In conjunction with investment, Andfjord Salmon has entered into a long-term, running strategic feed supply agreement with Skretting. The feed supply volume will be adapted on an ongoing basis to Andfjord Salmon’s production volumes of Atlantic salmon.

Under the agreement, Skretting commits to supply a feed that is specifically tailored to Andfjord Salmon’s flow-through technology to ensure optimal water quality, fish welfare and growth conditions in the land-based pool. This will also ensure the production of a premium quality salmon.  

Skretting’s experts will also participate in a technical advisory committee, which will provide advice to Andfjord Salmon’s production protocols and regularly evaluate production KPIs with the objective of further improving conditions for the fish.  

“Our aim is to have the world’s most fish-friendly and sustainable fish farming facility of its kind. That is why we are entering into a long-term agreement with a partner that is dedicated to the continuous development and evolution of fish feed ingredients and combinations, driving the sustainability transformation within raw materials for fish feed. This cooperation with Skretting will help to optimise fish welfare and growth conditions while keeping our environmental footprint as small as possible,” adds Martin Rasmussen.

Sparebank1 Markets AS acted as sole financial advisor to Andfjord Salmon in the transaction.


Every day, Nutreco’s 12,300 dedicated employees in more than 37 countries across the globe relentlessly pursue our purpose of Feeding the Future in a way that ensures sustainability is front and centre in all we do. Our solutions go beyond nutrition – we provide best-in-class advice and technology to help our customers produce more food, in a sustainable way, to feed our growing population. With over 100 years of experience, Nutreco is a global leader in animal nutrition through our Trouw Nutrition business line, and in aquaculture through our Skretting business line. Our NuFrontiers team works to identify, develop and invest in next-generation breakthrough innovations throughout the value chain. In 2020, Nutreco had net revenues of €6.4 billion. The company is a subsidiary of SHV Holdings N.V., a family-owned multinational with net sales of €17 billion in 2020.


Bjarne Martinsen, CFO, +47 975 08 345, bjarne.martinsen@andfjord.no  

Martin Rasmussen, CEO, +47 975 08 665, martin@andfjord.no 

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.