RaumaGruppen AS - Acqusition
SalMar has on July 8th 2010 agreed to acquire the share majority RaumaGruppen AS through purchase of 96.3% of the shares in Reistad Eiendom AS, a company holding 73.08% of the shares in RaumaGruppen AS, as well as purchase of 2.46% of the shares in RaumaGruppen AS directly from Bjarte Tunold. Reistad Eiendom AS has no activity other than the ownership in RaumaGruppen AS.
The purchase price for the shares is set to NOK 304.9 million. The share transfer will take place on 8th of July, the purchase price will be paid in cash.
RaumaGruppen AS is a holding company in a Group including:
- Rauma Stamfisk AS (100%) - broodstock and roe/egg production
- Rauma Sætre AS (100%) and Rauma Eik AS (100%) - production of smolt
- Rauma Misund AS (100%) - farming
- Vikenco AS (51%) - harvesting, processing and sales
RaumaGruppen AS harvested about 7,500 tonnes gutted weight in 2009 and had revenues of approximately NOK 370 million. The company has 8 farming licenses including two broodstock licenses. The hatcheries produce about 3 million smolt per year, most of which is used internally. Rauma Stamfisk (broodstock) produces eggs of the well-known Rauma-stock. In the 2009/2010 season, the production is expected to be around 20 million eggs. In 2009, Vikenco AS had about 10,000 tonnes gutted weight of salmon and produced close to 4,000 tonnes of fillet. The largest markets for Vikenco are Norway and the US.
The CEO of the company is Erling Keiseraas and RaumaGruppen AS has about 100 employees. The Board of Directors includes Anders Talleraas (chairman), Per Olav Mevold, Bjarte Tunold James Stove Lorentzen and Per Magne Grøndahl.
As part of the transaction, the following key personnel will sell their shares;
| Name | Position in RaumaGruppen AS | Direct or indirect ownership in RG before the transaction |
| Anders Talleraas | Chairman of the Board | 3,8 % |
| Per Olav Mevold | Vice chairman of the Board and CEO of Vikenco AS | 7,3 % |
| Bjarte Tunold | Board member | 17,9 % |
| Per Magne Grøndahl | Board member | 15,4 % |
| Erling Keiseraas | CEO | 6,2 % |
Key figures for RaumaGruppen AS
| | | | | |
| (1 000 NOK) | Per Q1 2010 | 2009 | 2008 | 2007 |
| Revenues | 118 000 | 366 000 | 269 000 | 196 000 |
| Pre-tax profits | 21 000 | 26 000 | -33 000 | 17 000 |
| | | | | |
| Fixed assets | 222 000 | 225 000 | 217 000 | 218 000 |
| Current assets | 165 000 | 170 000 | 143 000 | 126 000 |
| Total assets | 387 000 | 396 000 | 359 000 | 343 000 |
| | | | | |
| Equity | | 158 000 | 137 000 | 124 000 | 151 000 |
| Debt | | 228 000 | 258 000 | 235 000 | 193 000 |
| Total equity & debt | 387 000 | 396 000 | 359 000 | 343 000 |
SalMar has an explicit growth strategy and the acquisition of the share majority in RaumaGruppen AS is a valuable and important contribution to the company's existing production in Central Norway. SalMar currently holds 43 licenses in this region, which has been the region where SalMar historically has delivered the best financial and biological results in the Group.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)