NovoMar, formerly known as Platina Seafood, has undergone a rebranding under the leadership of CEO Emil Andreassen and is poised for further expansion in Florida. The company is renovating an old tortilla factory into a modern processing facility, which currently has a capacity of 10,000 tons and will increase to 20,000 tons by the end of the year.
The expansion of the facility is part of NovoMar's two-phase approach to capture the growing demand for value-added seafood products, such as pre-packed and skin-packed fish. This trend is driven by younger consumers who prioritize convenience when purchasing seafood. NovoMar's CEO Emil, who took over the company from Damien Claire in 2019, has identified this trend and is positioned to capitalize on it.
The company is committed to providing high-quality, sustainably sourced seafood products. The company specializes in the import, distribution, and sales of various seafood species, including salmon, cod, shrimp, tuna, and tilapia. With a focus on skin-packed and pre-packed salmon, NovoMar offers a unique value proposition by utilizing all parts of the fish, including typically discarded parts, in its products, such as salmon burgers.
"We recently did $ 1.5 Million in sales on different kinds of burgers last summer, but this is more of a seasonal product" CEO Emil Andreassen
Following the implementation of the salmon tax in Norway, individuals and businesses are facing challenges in maintaining stability and predictability in the prices of salmon. The tax makes it difficult for companies such as Novomar, which procure their raw material there, to plan for the future.
"We have customers who prefer to have a monthly, quarterly, or annual price for their fish purchases" – CEO Emil Andreassen
But, since the government's proposed 40% level of ground rent tax was made public last fall, no one in the industry is taking any chances on fixed contracts.
Investing in a country where such a tax can be imposed on a whole industry is a significant risk. As a result, the tax has created political uncertainty, making it challenging for foreign investors to choose to invest in Norway.
Emil Andreassen grew up near Molde and has a background in the fish farming industry through his family. His father is one of the Co-founders of Atlantic Sapphire, so his interest and knowledge about the industry come naturally.
His father, Johan Andreassen and Damien Clear (both Atlantic Sapphire) were mentors in the early stages of taking over the company. Emil has positive thoughts on the Atlantic Sapphire project but recognizes that there have been challenges in the past. And that America has a huge potential to be a producer of aquaculture.
About NovoMar
NovoMar is a seafood company with a mission to provide consumers with high-quality, sustainably sourced seafood products.
NovoMar's expertise lies in the import, distribution, and sales of various seafood species, including salmon, cod, shrimp, tuna, and tilapia. With a focus on skin-packed and pre-packed salmon products, the company leverages trends in the American market to meet consumer demand for convenience.
