The Kingfish Company booth at the Seafood Expo Global 2026 in Barcelona.
The Kingfish Company LinkedIn page.
The Kingfish Company today announced a strategic financial restructuring that includes, among other things, the addition of investment firm Eyrir as its main shareholder. Upon completion of the transaction, the Icelandic investor will own a majority stake in the Netherlands-based aquaculture company, representing approximately 31.4% of the total share capital.
One of the key elements of the financial restructuring was a private placement targeting certain existing shareholders, including Eyrir. Following its successful completion, Kingfish has raised EUR 21 million, of which the Icelandic holding company has committed to subscribe to shares worth EUR 15 million.
The restructuring also has the support of a broad group of existing key shareholders and long-term backers of the land-based yellowtail kingfish farmer, including seed investors, who have collectively committed approximately EUR 6 million to the private placement, which, Kingfish emphasized, underlines "their continued confidence in the company and its long-term potential."
Kinfish claimed that, once the restructuring is complete, it will result in a simplified capital structure, new equity and a significant reduction in net debt, increasing liquidity to support further growth and value creation.
With this strategic operation, the yellowtail kingfish farmer closes a hectic period in both financial and management terms. In just two months, from November 2025 to February 2026, the company announced the arrival of a new CEO, then his resignation before taking office, and a review of its growth plans after presenting lower-than-expected results for 2025 in January.
This situation sparked discussions with its largest lender, convertible bondholders, certain existing shareholders, and potential investors regarding the company's capital structure and financing agreements. These conversations continued for months, until the completion of the private placement now announced.
Commenting on the operation, Kingfish's CEO, Vincent Erenst —who delayed his announced retirement by a year after the resignation of his intended replacement—said that the transaction represents an important milestone for The Kingfish Company. "Over the past months, we have worked intensively with our lenders, shareholders and new investors to establish a long-term capital structure that supports the continued development of the business," he stated.
"We are particularly pleased to welcome Eyrir as a new major shareholder," Erenst continued. "Eyrir brings an impressive entrepreneurial track record in developing and scaling businesses over the long term. We believe this experience and mindset are an excellent match with Kingfish's passion, ambition and long-term vision for sustainable aquaculture."
"The Kingfish Company has built a strong and differentiated platform, underpinned by a highly capable team and a clear commitment to quality, innovation and sustainability," said for his part Árni Thordarson, Chairman of Eyrir.
"The company serves local restaurants and retailers across Europe with premium kingfish yellowtail produced through a fully integrated value chain. Disciplined investment in advanced technology and a land-based RAS system using clean seawater and renewable energy positions the business to deliver superior-quality fish in a responsible and scalable way," he added.
To carry out the transaction, Eyrir has established a new entity, Eyrir Blue Farms, focused on investments in land-based aquaculture companies at a late venture/early growth phase. "Companies with strong teams, customer relations and great products that are made and delivered in a sustainable way," the Icelandic firm explained in a release.
Eyrir Blue Farms will not only become Kingfish's largest shareholder, but, according to its Chairman, intends to be actively involved in the company. "At Eyrir, we bring more than capital: we bring long-term commitment, strategic support and active ownership," Thordarson stated. "We look forward to working with management and fellow shareholders to support the company's next phase of growth and create enduring value for all stakeholders."
In the note to the Oslo Stock Exchange submitted by The Kingfish Company, the Netherlands-based fish farmer noted that, as part of the restructuring, the election of a representative from Eyrir to the company's supervisory board will be proposed at the next Extraordinary General Meeting to be held around June 15, 2026.
In that statement to the stock exchange, in addition to the private placement, Kingfish also highlighted two other key elements of the restructuring. First, the planned conversion of all outstanding commitments—including accrued and unpaid interest—amounting to approximately EUR 49 million, into new ordinary shares.
Second, the contemplated amendments to the existing senior facilities agreement with the company's largest lender, including a 24-month extension of maturity until April 2029, and a recalibrated covenant framework providing the company with sufficient headroom going forward.
Later, once the restructuring is complete, The Kingfish Company will conduct a subsequent offering of up to 74,766,355 new ordinary shares, at a subscription price equivalent to EUR 0.0535 in NOK, to raise up to the NOK equivalent of EUR 4 million and targeted at eligible existing shareholders who meet the requirements and were already as of May 11, 2026.
However, the land-based yellowtail kingfish farmer has also stated that it reserves the right, at its sole discretion, to not conduct or cancel the subsequent offering, in which case it will issue a separate stock market announcement informing of its decision.
Finally, commenting on all the announcements made today, Kingfish's Chairman, Jeroen Scheelbeek, looked back, taking stock. "Over the past ten years, Kingfish has demonstrated continuous progress, evolving from an ambitious start-up into a leading land-based aquaculture company with steadily improving operational, biological and commercial performance," he said.
"The combination of new equity, the conversion of the convertible loan and the contemplated amendment of the senior facilities agreement is expected to significantly strengthen the company's balance sheet, improve liquidity and provide a more stable financial platform for future growth," Scheelbeek continued.
"This transaction is expected to mark the beginning of a new era for Kingfish, providing the foundation to accelerate its next phase of development," The Kingfish Company’s Chairman concluded.
