Photo: Norcod.
Norwegian aquaculture company Norcod AS has announced it has secured NOK 157 million in new equity through a private placement directed at Jerónimo Martins Agro-Alimentar, the agri-business arm of Portuguese retail giant Jerónimo Martins.
The deal, set for approval at an extraordinary general meeting on 26 November, would give the investor an 18.06% stake in the cod farming company.
The investment represents a significant endorsement from one of Europe’s most influential food retail groups, whose chains include Biedronka in Poland, Pingo Doce in Portugal and Ara in Colombia.
Norcod said it plans to use the proceeds to accelerate its scale-up of low-intensity farmed cod production. Management says the transaction strengthens the balance sheet, widens strategic opportunities and provides a direct pathway into major international retail markets.
"We are delighted to welcome Jerónimo Martins Agro-Alimentar as a strategic shareholder in Norcod. Its Group's reputation, scale, and food expertise -- combined with deep commitment to sustainability -- make them an outstanding partner for us," said Norcod CEO Christian Riber.
"This investment not only strengthens our balance sheet but also significantly broadens the scope of our strategic opportunities. Together
with High Liner Foods and Sirena Group, this potentially enlarges the access and platform to bring low-intensity farmed cod to a significant international market," Riber added.
Pending EGM approval, António Serrano, CEO of Jerónimo Martins Agro-Alimentar, will join Norcod’s board. Serrano said the investment fits the company’s long-term focus on innovative and sustainable protein production amid mounting pressure on wild stocks.
With Jerónimo Martins joining existing partners High Liner Foods and Sirena Group, Norcod said it aims to build a robust distribution platform for sustainably farmed whitefish at a time when global demand is expanding.
Upon registration of the new share capital, Norcod will have 157.25 million shares outstanding, issued at NOK 12.375 per share.
It is not the first time the Portuguese retail giant has invested in Norwegian aquaculture sector. Jerónimo Martins is one of the largest shareholders in Andfjord Salmon, having recently increased its stake in the land-based salmon farming company in February this year.
