Morpol enters agreement to acquire all shares in Jokelfjord Laks AS
Morpol ASA has entered an agreement to buy 100% of the shares in Jokelfjord Laks AS. The agreement values the company at an enterprise value of NOK 490 million. This corresponds to an equity value of NOK 510 million. The final purchase price will be based on the balance sheet at closing and adjusted for changes in net cash position and net working capital, reports www.megafishnet.com with reference to Morpol.
The completion of the transaction is subject to satisfactory due diligence and potential required governmental approval.
Jokelfjord Laks AS was established in 1986 and is located in Kvænangen municipality in Troms county. Jokelfjord Laks AS has seven ordinary licences for production of salmon, one licence for educational purpose and two licences for smolt production. The company owns a slaughtery and packing station. The production in 2010 was 6 700 tonnes salmon and takes place on 10 locations, all in Kvænangen municipality. Jøkelfjord Laks has about 40 employees. Expected production for 2011 is approximately 7 000 tonnes salmon. The company produces its own smolt and has a capacity of 1.6 million smolt annually.
Jokelfjord Laks AS is recognised as one of the best performing salmon farmers in Norway with an expected EBIT of approximately NOK 100 million in 2010.
The closing of the transaction is expected to take place first half of February 2011.
"We are very happy that the new owner wants to continue in line with today's operations. We believe Morpol is an excellent buyer for Jøkelfjord and will continue to develop the company as an important player in the local community", says Managing Director and Chairman of the Board, Arne Evensen in Jøkelfjord Laks.
Jerzy Malek, Morpol CEO comments: "We are very pleased to enter into salmon farming in Norway and get on board one of the best performing salmon farmers in the country. With this transaction we continue to build on our strategy to secure parts of our raw material need to further develop Morpol as a leading supplier of high quality salmon products".
For further information, please contact:
Steven Rafferty, Chief Financial Officer Morpol ASA, phone +47 97 66 41 04
Arne Evensen, Managing Director and Chairman of the Board of Jøkelfjord Laks AS, phone +47 97 96 00 08
The Morpol Group is engaged in salmon processing as well as sale and distribution of finished salmon products. The Morpol Group's main products are: cold and hot smoked salmon, gravadlax, fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and salmon specialties. The Morpol Group also has salmon farming activities in Scotland. The Morpol Group had revenue of approximately EUR 340 million in 2009.
Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs over 3,000 people in eight countries. Morpol Group is the world leader in smoked salmon. The company has achieved its world leading position through the efficiency of processing activities, a constant focus on product quality and service provided to retail and food service customers. Morpol serves customers across Europe, Japan and the United States.