Norway's Salmon Group welcomes three new shareholders to its network

Salmon Group, a network of small and medium-sized aquaculture companies in Norway, announced today the addition of three new shareholders: Ilsvåg Holding, Engesund Fiskeoppdrett, and Frøfisk AS, taking its total membership to 40 businesses.

The network describes its main task as ensuring "the best possible operating and framework conditions for the companies. We continuously work on activities that strengthen the network internally and provide increased impact externally."

The network packs a punch in Norwegian aquaculture, with members producing 200,000 tons of salmon and trout, and over 60 million smolt each year.

Taken together, Salmon Group companies turned over more than NOK 15.8 billion (EUR 1.36M / USD 1.48M) in 2023.

The first of the new shareholders joining the network is Ilsvåg Holding, a veteran smolt producer with roots dating back to 1964, which brings substantial expertise and a commitment to innovation and sustainability to Salmon Group, the network said in a press announcement.

"As a smaller actor, Ilsvåg has joined the network to benefit from cost efficiencies and economies of scale. We anticipate a productive collaboration," said Ilsvåg CEO Ove Kaldheim.

Also joining this month is Engesund Fiskeoppdrett, a family-run company based in the Fitjar Islands, known for its strong emphasis on communication, quality, and sustainability. The company employs 17 people across several municipalities and operates under multiple aquaculture licenses.

"We are thrilled to be part of a large purchasing organization with an active management that values sustainability," said CEO Svein Eivind Gilje. "It is also a unique place for small and medium-sized breeders to connect."

The third new shareholder is Frøfisk AS, another experienced smolt producer based in Vindafjord, which has been in the industry since 1986.

Frøfisk CEO Trond Skogen highlighted the benefits of joining Salmon Group, saying, "We anticipate that being part of Salmon Group will assist us in reducing our purchasing costs, as well as being informative, beneficial, and enjoyable."

To maintain balanced ownership levels for existing shareholders, Salmon Group will repurchase shares from Brakedal Settefisk.

Salmon Group CEO Jan Olav Langeland explained: "The purchase is conducted to comply with the ownership requirements in our shareholder agreement, and it is in agreement with the owner of Brakedal Settefisk. Brakedal Settefisk will remain affiliated with Salmon Group and continue to benefit from our purchasing agreements."

"We are glad to have Ilsvåg Holding, Engesund Fiskeoppdrett, and Frøfisk as new shareholders in Salmon Group. The companies share our dedication to innovation and sustainability, which reflects our values: fish, people, and the planet," Langeland added.

With the inclusion of these new members, Salmon Group looks forward to advancing the aquaculture industry with a strong focus on innovation, sustainability, and value creation, the network said.

Salmon Group is a network of small and medium-sized, locally owned companies in the aquaculture industry producing salmon and trout in Norway. Headquartered in Bergen, the network has shareholders all along the Norwegian coast.

Salmon Group's main objective is to ensure the best possible operating and framework conditions for its shareholders. This is realised through purchase agreements where the shareholders collectively achieve economies of scale. In addition, the administration engages in activities that strengthen the network internally and increase its influence externally.

The Salmon Group network represents a significant part of the production volume of trout and salmon in Norway. The combined production of salmon and trout in the SG network is close to 200,000 tons, while the total smolt production is over 60 million smolt. In total, the companies in Salmon Group turned over more than NOK 15.8 billion in 2023.