Portuguese food industry group invests in Andfjord Salmon


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The investment amounts to €16.8 million

The Portugal-based international food industry group, Jerónimo Martins, has invested € 16,8 million in Andfjord Salmon through a directed private placement. Thus, the Portuguese group becomes one of the largest shareholders in Andfjord Salmon with an ownership share of 10.1%.

Jerónimo Martins highlights how the Norwegian company uses efficient technology to produce salmon with less impact on natural resources Also, how it contributes to conserving and sustainably using the ocean, the sea, and marine resources.

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Regarding this, Pedro Soares dos Santos, Jerónimo Martins Chairman, and CEO said: “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.”

On the other hand, Martin Rasmussen, CEO of Andfjord Salmon, noted: “We consider it an advantage to have an owner that possesses extensive competence in 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.”

Sustainability as a motto

Firstly, one of the reasons why Jerónimo Martins Group has invested in Andfjord Salmon is its sustainability profile. Jerónimo Martins Group considers sustainable food production and distribution as strong investment attractions.

“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,” confirmed Rasmussen.

Release smolt in June

The plan of Andfjord Salmon is to release smolt in its first pool at Kvalnes, Andøya this month. Now, blasting and excavation work is happening for the next pools (Phase 2) at Kvalnes.

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The company holds a license to produce 10,000 tonnes of MAB salmon at Kvalnes, equivalent to a target production volume of 19,000 tonnes of HOG.

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

About Andfjord Salmon

Andfjord Salmon is located at Kvalnes on the island of Andøya in the Arctic Archipelago of Vesterålen, Norway. The company has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic 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.

About Jerónimo Martins Group

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.

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.

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