Norwegian marine services firm acquires turnkey RAS supplier
Shipbuilding services company Endúr ASA is pushing through a Nordic consolidation strategy with its acquisition of Artec Aqua AS, a recirculating aquaculture system (RAS) solutions and services provider based in Ålesund, Norway.
Laksevag, Norway-based marine infrastructure group Endúr announced it has entered into a share purchase agreement with Artec Holding AS, as seller, for the acquisition of Artec Aqua. Under the terms of the agreement, Endúr will acquire 100 per cent of the shares in Artec Aqua, based on an enterprise value of about $70.2 million. The purchase price will be settled by $40.3 million in cash and $40.3 million in Endúr shares.
Endúr offers shipbuilding and repair services, installation, maintenance, upgrading, and modification of vessels and equipment, as well as testing and management services.
In June last year, Endúr announced a strategic shift in the company’s direction. The company identified marine infrastructure and the aquaculture sectors as its core growth areas. At the same time, Endúr announced plans to build a US$ 234 million to $292.5 million -revenue company within 2022.
“The acquisition of Artec Aqua immediately gives us an even firmer stronghold in this highly attractive and fast-growing market,” said Hans Olav Storkås, chief executive officer of Endúr. “The combination of the Artec Aqua acquisition and promising dialogue with other acquisition targets means that Endúr is likely to reach our earlier communicated 2022 revenue and margin targets already in 2021.”
Artec Aqua was established in 2002 and is today a leading turnkey supplier of process facilities and solutions to the onshore aquaculture industry. It is the undisputed market leader for onshore broodstock facilities, and customers include the global leading salmon farming companies.
Artec Aqua has developed a new RAS system that has demonstrated favourable water quality and recorded stress levels were among the lowest measured in onshore fish farming, the company said.