The acquisition of Hvalpsund Net can help Mørenot to establish a strong position in plastic cages for fish farming
Image: Officials of Mørenot and Hvalpsund Net. Photo: Courtesy of Mørenot.
Norwegian fishery and aquaculture supplier Mørenot has acquired Hvalpsund Net, a fisheries equipment supplier across Europe and North America.
Mørenot believes that the latest acquisition will help the company to strengthen its position in plastic cages for fish farming. The deal could be a baseline for future growth in plastic cages, which will be one of the several opportunities that could materialise.
The combination of the two companies is expected to not only serve common customers, but also new customers with innovative and efficient products and solutions.
Hvalpsund Net serves customers across Europe and North America
Hvalpsund Net has been engaged in the provision of equipment and services to customers in fisheries and aquaculture to customers across Norway, the UK, Iceland, the Faroe Islands, Canada, the Mediterranean, Denmark, the Netherlands, Belgium, and Germany.
Mørenot CEO Arne Birkeland said: “Through hard work and solid dedication for a long period of time, Hvalpsund Net has been developed into an agile company with strong customer relationships, and a safe and good workplace for its employees.
“Mørenot, which provides solutions for sustainable harvesting of seafood, will combined with Hvalpsund be able to offer more competitive solutions and develop even more innovative products across all markets.”
Birkeland continued saying: “The companies have unique strengths and opportunities that will now be extracted to an even greater extent. We will continue to develop the position Hvalpsund has built on plastic cages, nets and fishing gear by investing in further product development across the product portfolio.
“At the same time, we will continue to deliver individual products separately, but at the same time also develop complete and integrated cage solutions in some markets.”
A European investment fund, FSN Capital had acquired Mørenot last year. Its strategy is to partner with businesses to further develop the group’s position in aquaculture and fisheries. It is fourth time that FSN and other investors have invested to grow and develop Mørenot.
FSN Capital investment manager Ola Kvalheim said: “The acquisition of Hvalpsund is very exciting and offers many new avenues for further growth. We fully support the very offensive growth journey undertaken by the Mørenot mgmt. team.
“Hvalpsund and their employees are a fantastic addition to Mørenot. Together, the companies will continue to support customers in the seafood industry, create a safe and prosperous workplace for all employees and be an important contributor to the local communities.”