Portuguese food giant will buy 18% share of cod farmer
Norcod is raising £11.9 million in a private placement – and bringing global retailer Jerónimo Martins on board as a new strategic owner
Published
The board of Norcod proposes to issue 12.7 million new shares to Jerónimo Martins Agro-Alimentar, a wholly owned subsidiary of the Portugal-based international grocery group Jerónimo Martins SGPS. The shares are priced at NOK 12.38 per share, generating gross proceeds of NOK 157 million (£11.9m).
Jerónimo Martins Agro-Alimentar already owns around a third of another Norwegian fish farmer, Andford Salmon, which grows its fish in a flow-through land-based facility on the island of Andøya, Nordland.
"This marks an important turning point for Norcod, and will both strengthen our growth trajectory, expand our shareholder base and lay the foundation for a possible long-term collaboration with one of Europe's most recognised food groups," said Norcod chief executive Christian Riber in a stock exchange release.
Strategic shareholder
After the issue, Jerónimo Martins will own 18% of the shares in Norcod. The investment is referred to as strategic, and it is planned that António Serrano, chief executive of Jerónimo Martins Agro-Alimentar, will join Norcod's board.
"We are delighted to welcome Jerónimo Martins Agro-Alimentar as a strategic shareholder," said Riber.
"Its group's reputation, scale, and food expertise - combined with deep commitment to sustainability - make them an outstanding partner for us.
"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 internationalmarket."
The board of directors of Norcod believes that the issue is in the best interest of the company and its shareholders, and therefore chose to waive existing shareholders' pre-emptive rights.
Will accelerate growth and scaling
According to the company, the new capital will be used to increase the pace of Norcod's growth strategy and support plans for large-scale production of cod with low environmental impact.
The Jerónimo Martins Group has more than 230 years of history in the food sector, and operates several leading grocery chains – including Biedronka in Poland (more than 3,800 stores), Pingo Doce in Portugal (more than 480 stores) and Ara in Colombia (more than 1,580 stores).
"For us, it is important to invest in more sustainable ways of producing food. We see Norcod as a company with a strong commitment to research and continuous improvement, at a time when pressure on wild fish stocks is increasing," said António Serrano at Jerónimo Martins Agro-Alimentar.
The share issue and the board change must be approved at an extraordinary general meeting scheduled to be held on or around November 26, 2025.
