New investor group led by former CEO acquires Noray Seafood

Spain's pioneering land-based shrimp producer Noray Seafood announced today it has been fully acquired by a new investor group led by the company's co-founder and former CEO, Bjørn Aspheim. According to the announcement, this new ownership marks "an exciting chapter in Noray's journey towards revolutionising sustainable shrimp farming."

To date, and under the leadership of Creadev group, the fresh and sustainable shrimp brand has made significant progress in developing its research and development (R&D), fine-tuning its marketing strategy, and continuing to expand its state-of-the-art facility in Medina del Campo, a town in the province of Valladolid, in middle Spain, almost 300 km from the sea.

Bjørn Aspheim is back

"Why don't you have shrimp from the ocean?" Aspheim was asked when he decided that would be the shrimp farm location. "We were looking in Madrid, outside Madrid, close to Madrid…," he explained WeAreAquaculture in his TalentView, and that was the final option.

It was close, less than 160 km from the city and Mercamadrid, the central fish market in the Spanish capital, the leader in the marketing of fishery and aquaculture products in Europe.

For Bjørn Aspheim, who, as he also told us, was called crazy for this decision, Noray has always been a very personal project and so now, on his return as CEO, the co-founder expressed his enthusiasm for the company's future.

"I founded Noray with the aim to build a solution to the huge challenge seen with traditional shrimp farming," he stated. "I express my sincere gratitude to Creadev and their partners for their invaluable contributions in initiating the industrialisation of our technology."

For his part, the Investment Director at Creadev and outgoing Chairman of Noray, Charles Francois, said that supporting Noray's mission over the past years has been a journey that represents well their ambitions towards sustainable food solutions.

"We are confident that the new owners, led by Bjørn, will continue building on the strong foundation we've established together, which is seeing such tremendous potential, and express our gratitude to Benjamin Björkenheim-Ajo and his team for leading Noray until today's handover," he added.

Poised to capitalize on the enormous market potential

In an interview with WeAreAquaculture in March 2024, Ajo - who has been in the role just over a year after being appointed CEO replacing Aspheim in September 2023 - said that Noray was ready to drive the transformation of the European shrimp industry.

Now, in the release announcing the new ownership, the company says the acquisition by the new investor group, coupled with Bjørn Aspheim's return as CEO, positions Noray to accelerate its mission of providing a sustainable solution to shrimp farming.

"The company is poised to capitalise on the enormous market potential, leveraging its innovative technology and the momentum built over the past years," the release claims.

Furthermore, as it embarks on this new chapter, Noray reaffirms its commitment to revolutionize the shrimp aquaculture industry, with a focus on sustainability, quality and innovation, and looks forward to continuing its growth trajectory and making a positive impact on global food systems.

Noray Seafood also remarked that its employees remain a crucial asset to the company's future success and that the new management is committed to fostering a work environment that values innovation, sustainability, and personal growth.

The returning CEO also showed his deep thanks to the entire Noray team for their dedication and hard work. "Their efforts have been crucial in bringing us to this exciting juncture, and they will continue to be the backbone of our success as we move forward," Aspheim concluded.