Austevol Seafood to Reel in Majority EPAX Stake

AALESUND, Norway—Austevoll Seafood ASA signed a letter of intent to buy a majority stake in EPAX AS from the FERD Private Equity Fund. EPAX AS is a world-leading supplier of omega-3 concentrates, while Austevoll Seafood is a leading company in the pelagic fish, meal and oil industry with processing facilities in Norway, Chile and Peru. The deal will create a vertically integrated supply chain, addressing growing concern over fish and, ultimately, oil supply.

“EPAX AS would be pleased to become under the ownership of Austevoll Seafood. EPAX AS would be the only significant omega-3 supplier to be fully integrated from fishing to high-quality omega-3 oils,” said Bjorn Refsum, chief executive officer (CEO) of EPAX AS (www.epax.com). “Through Austevoll Seafood we would be able to expand on our secure access to quantity as well as quality—ensuring that our products continue to meet the high standards for which EPAX’s oil is known.” EPAX currently sources its oil from around the world, but Refsum said it is too early to say whether the company would reduce its supplier chain to just Austevoll. Financial terms of the deal were not disclosed, but the transaction is expected to close in February.