AKVA group ASA and Abyss Group AS have entered into an agreement to combine AKVA Marine Services AS with Abyss Group as a contribution in kind, with AKVA group becoming a shareholder in the combined company.
Knut Nesse, CEO of AKVA group (left) and Victor Jensen, CEO of Abyss Group. Photo: AKVA group
As part of the transaction, funds advised by Icon Capital AS will be invested in the combined company to allow further growth. The initial investment by Icon Capital will be NOK 100 million with further growth capital being available to the board of Abyss Group subject to certain conditions. LIN AS, which is an existing investor in Abyss Group, will also provide additional capital, and both AKVA group, Icon Capital and LIN will be represented on Abyss Group's board together with the current main owner in Abyss Group.
Abyss Group is one of Norway's leading service boat companies for the aquaculture industry. The transaction ensures that the company gets delivery capacity for new and existing customers throughout Norway. The company will have a very good financial position, with capital available for further growth, both geographically and in the service offering.
"Abyss has had very good development and fantastic growth over many years. We are now taking a large and important step to realize the opportunities we see in the market, and the goal is to become one of Norway's clearly leading service companies for aquaculture and other sea-based industries. We also have the ambition to contribute further to the development of this great industry with good services to customers, and safe conditions for people and the environment in which we operate,” says Victor Jensen, CEO of Abyss Group.
“The transaction brings together some of Norway's most experienced investors and industrial companies in the aquaculture industry, and we at Abyss Group look forward to developing the company further together with new co-owners. We are also pleased to be able to offer skilled employees new development opportunities in a larger company,” Jensen says.
“We are very pleased to combine AKVA Marine Services with Abyss Group to create a leading Norwegian service company and look forward to continuing as owners in the company. Abyss Group will have a unique platform to be able to offer services to customers throughout Norway, and the company will be well-positioned for further growth and to create value for all stakeholders going forward. I am confident that the combined company will be better positioned to further develop and meet customer expectations today and in the future," says Knut Nesse, CEO of AKVA group.