BioMar's CEO, Carlos Diaz.
Photo: BioMar.
Denmark-headquartered aquaculture feed specialist BioMar has announced it is acquiring 100% ownership of Norwegian aquaculture research centre LetSea.
LetSea is Norway's largest trial and research center for aquaculture, located in the municipality of Dønna in Helgeland. According to its LinkedIn profile, LetSea operates over 220 experimental units across six different locations, with facilities including experimental and full-scale sea cages, Recirculating Aquaculture Systems (RAS), onshore tanks, and wet laboratories.
Founded in 1996, the aquaculture research firm reports its revenue has increased from NOK 20 million to NOK 323 million over the past four years.
BioMar already owns a 34% stake in LetSea, and will now acquire the remaining shares from Norwegian investment firm KapNord. The acquisition is subject to approval from the authorities in Norway and is expected to close in the second quarter of 2025.
Announcing the agreement, BioMar said the investment "aims to consolidate and advance its innovation work, including waterborne feeding, the development of new feed ingredients, and continuous improvements in fish performance, health and welfare".
BioMar added that LetSea's facilities enable "detailed assessments in controlled cages, providing an ideal environment for testing feed and technology across the entire production cycle".
“This acquisition creates a unique position for BioMar as we secure access to further R&D capacity in Norway. At the same time, we will welcome a team of very competent research staff into our organisation, with an already established collaboration”, said BioMar Group CEO Carlos Diaz.
"LetSea’s unique facilities and expertise complement our existing research efforts, enhancing our ability to innovate and test new solutions under real-life seawater conditions," said Simon Wadsworth, Global R&D Director at BioMar.
"Our long-standing collaboration has already delivered significant value to our customers, and we look forward to continuing this journey together," Wadsworth added.
In recent days, BioMar reported its "best results ever" for the fourth quarter of 2024, having achieved a significant overall increase in profits in 2024, despite lower volumes and revenue compared with the previous year's performance.