Alsaker to acquire Bolaks, forming largest privately owned salmon farmer in Western Norway

Norway's aquaculture sector sees further consolidation with the news this week that two privately owned mid-sized salmon producers have agreed a takeover deal.

Alsaker AS has announced it has signed a binding agreement to acquire 100% of Bolaks Group AS, in a deal that will create the largest privately owned aquaculture company in Western Norway.

Once the takeover is completed, the combined business will control more than 25,000 tonnes of maximum allowed biomass (MTB) in Production Area 2 (Ryfylke) and Production Area 3 (Karmøy to Sotra) along the western Norwegian coast - among the more densely farmed regions under Norway’s traffic light system - with total production capacity expected to exceed 50,000 tonnes.

The transaction brings together two well-established salmon farming companies - Alsaker, founded in 1986, and Bolaks, which celebrated its 50th anniversary this year - and will result in a fully integrated group covering broodstock and smolt production, sea-based farming sites, wellboats, service vessels and processing capacity. Alsaker said the enlarged group will be able to make more efficient use of its infrastructure and resources across the value chain.

The companies also argued the acquisition will bring benefits to western Norway coastal communities and protect existing jobs, while ensuring operational efficiencies in production, logistics and processing. The acquisition is still subject to approval by the relevant competition authorities.

Bolaks chair Grunde Bruland said the deal ensures the company’s future in the region. “Through this transaction we secure the company’s operations and continued investment in Bjørnafjorden."

"As part of Alsaker, which we know as a well-run aquaculture group, Bolaks will be strengthened and given good development opportunities going forward,” Bruland added.

Alsaker AS owns Alsaker Fjordbruk AS, a Norwegian salmon farming group founded in 1986 and headquartered in Tysnes, Vestland, with 24 licences and an integrated value chain. The parent company is wholly owned by Meidell AS, with Gerhard Meidell Alsaker as the sole shareholder.

Bolaks, founded by the Holmefjord family in 1975, is headquartered in Eikelandsosen, Hordaland, and operates in Bjørnafjorden municipality, producing roe, broodstock and food fish. The group holds 10 commercial grow-out licences, two broodstock licences and a permit for land-based aquaculture production, and also owns a majority stake in smolt producer Sævareid Fiskeanlegg AS.