Måsøval potentially up for sale – with a £217 million price tag
The Norwegian fish farming company Måsøval is poised to be put up for sale, sparking a likely bidding contest among some of the country’s largest fish farmers. The company’s CEO, Helge Kvalvik, has announced his resignation.
Måsøval, which also owns a controlling 55%-plus stake in the Icelandic company Kaldvik (formerly Ice Fish Farm) has a market value of at least 2.8 billion kroner (£217 million). It is not clear if Kaldvik would be included or sold separately.
Heimstø AS, which is controlled by the Måsøval family, owns a majority of the shares in the Måsøval group. It said in an Oslo Stock Exchange announcement last night that "Heimstø is reviewing its investment portfolio and in this regard has decided to initiate a strategic assessment of its ownership in the company.”
Meanwhile, Helge Kvalvik’s departure will take place on 30 June. Lars Måsøval said that he will be able to step in as CEO and combine this with the role of Chairman for a period until a new CEO is in place.
He added: “The board greatly appreciates Helge Kvalvik’s efforts and valuable contributions to the development of Måsøval during his time as CEO, and wishes him all the best for the future.”
Helge Kvalvik said: “I have had three very educational and exciting years at Måsøval, but I feel that now is the right time for me to seek new challenges. I would like to express my gratitude to the board and not least all employees at Måsøval with my best wishes for the future.”
There was speculation today that Mowi, SalMar and Leroy are likely to be among the bidders if a sale process goes ahead. But interest from overseas, possibly Japan, is also a possibility.
The announcement said: “It is announced that Heimstø AS, which controls approximately 70% of the shares in Måsøval AS is reviewing its investment portfolio and in connection therewith has decided to initiate a strategic review of its ownership in the company.
“The strategic review does not entail a decision to carry out a transaction, but rather that a process has been initiated to explore various alternatives related to the ownership.
“Heimstø AS has engaged DNB Carnegie, part of DNB Bank ASA, as financial adviser to assist in the strategic review.”
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