BioMar's Aquaculture Technology Centre at Hirtshals, Denmark.
Schouw & Co., a prominent Danish industrial investment company, has announced it is considering a possible separate stock market listing for BioMar, its largest portfolio company and a global leader in aquaculture feed production.
The move could pave the way for BioMar’s debut as a publicly traded company, enabling it to secure funding for future growth while creating new investment opportunities in the burgeoning aquaculture sector.
“During our ownership, BioMar has grown remarkably to become a leading global producer of quality feeds for the aquaculture industry. A potential separate listing of BioMar could provide the right platform for BioMar to continue its growth trajectory and at the same time offer investors the opportunity to directly invest in a leading pure-play aquaculture specialist in a growing market driven by megatrends," said Jens Bjerg Sørensen, CEO of Schouw & Co., in a press release.
"Since BioMar became part of the Schouw & Co. Group in 2005, we have grown to become a leading global producer of sustainable aquaculture feeds and have increased our revenue by almost six-fold. A potential separate listing of BioMar could provide the right platform for BioMar to continue our growth trajectory,” BioMar CEO Carlos Diaz said in a separate press release.
BioMar, currently the world’s third-largest producer of feed for farmed fish and shrimp, has experienced substantial growth since joining Schouw & Co. in 2005, according to figures published by the Group.
Over nearly two decades, BioMar has expanded its revenue from DKK 2.6 billion (€349m / $377m) to an expected DKK 16.5-17 billion (€2.3bn / $2.5bn) in 2024, while its EBITDA has surged from DKK 124 million (€16.6m / $18m) to an anticipated DKK 1,410-1,460 million (€188-194m / $204-211m). The company also generates an additional DKK 1.5 billion (€201m / $217m) through joint ventures.
As Schouw & Co.’s largest holding, BioMar currently contributes almost 50% of the Group’s overall revenue and EBITDA.
"Schouw & Co. has an active and responsible long-term ownership focus and continues to see great potential in the development of BioMar as a significant supplier to a growing aquaculture industry through both organic and acquisitive growth. At the same time, Schouw & Co. wants to ensure that the Group always has the necessary capital resources to support the growth ambitions of its other portfolio companies," the Group stated.
Despite the potential IPO, Schouw & Co. indicated it intends to maintain its position as BioMar’s majority shareholder, preserving its influence over the company’s future direction.
Schouw & Co. has engaged FIH Partners as advisor to assist with the evaluation of a possible separate listing of BioMar. The group said that if it decides to go ahead with an initial public offering, this would take place during the second half of 2025 at the earliest.