Norcod — M&A Activity 2023

Jun 14, 2023

Norcod AS: Norcod acquires Mid-Norwegian harvester Kråkøy Slakteri

Norcod AS: Norcod acquires Mid-Norwegian harvester Kråkøy Slakteri

Norcod AS ("Norcod" or the "Company") has entered into an agreement to purchase 100 per cent of the shares in Kråkøy Slakteri AS and TN Kråkøy Eiendom AS.

Kråkøy Slakteri had NOK 63 million in revenues in 2022 and delivered EBIT of around 5 per cent which will add to Norcod’s free cash flow going forward. The Transaction is expected to create operational synergies and enable cost efficient operations in Norcod’s value chain. The Transaction involves 53 full-time employees at Kråkøy Slakteri AS.

“Led by our strategy for growth, this vertical integration of our value chain is a strategic step to improve our operations and create a robust and streamlined business model” says Christian Riber, CEO of Norcod.

“Being part of Norcod will accelerate our growth ambitions and enable our efforts to scale our offering. Joining forces with Norcod is an acknowledgment of the success we have had serving the local market with harvesting services” says Roger Sørgård, CEO of Kråkøy.

The purchase price will be settled partly in cash and partly in consideration shares in Norcod (the "Consideration Shares"). The number of Consideration Shares to be issued will be 577 639 at a subscription price of NOK 36 per share, which is equal to the trading price the last day prior to signing of the share purchase agreement.

Closing of the Transaction is expected on or about 4 July 2023 (the "Closing Date").

The share purchase agreement is otherwise entered into on customary terms and includes lock-up-periods for the Consideration Shares, ranging from 12 to 18 months.

For further information, please contact:

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no

About Norcod:

Norcod AS' core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod's existing fish farms are located in Mid-Norway with ideal conditions for cod. The Company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Euronext Growth Oslo.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation (MAR).