AKVA buys Newfoundland aquaculture supplier
International aquaculture supplier AKVA has signed an agreement to buy a majority stake in Newfoundland Aqua Service Ltd (NAS), which it says is the leading supplier of fish farming services in Newfoundland and Labrador.
Norway-headquartered AKVA will acquire approximately 70% of NAS shares and has an option to buy an additional 28.5% in a limited period in 2023, it said in a press release today.
NAS manufactures fish cages, docks, boats and barges, nets and offers a full range of services, including on-land net washing and disinfection, net manufacturing, testing, mending/repair and antifoulant treatment. It is based at Milltown, Head of Bay d' Espoir.
Significant growth
AKVA said the deal would strengthen its presence in a region with significant growth projections for salmon farming and is an important step in the company’s ambition to become the preferred aquaculture technology and service provider on the east coast of Canada.
The deal is expected to yield synergies with AKVA’s existing service operations in the region, as well as better position AKVA for sale and delivery of systems and solutions across the pen-based product portfolio.
Completion of the deal is subject to fulfilment of certain customary completion conditions and is expected during Q1 2020.
