AKVA completes deal to buy Newfoundland rival
International aquaculture supplier AKVA has completed a deal to buy a majority stake in Newfoundland Aqua Service Ltd (NAS), a leading supplier of fish farming services in Newfoundland and Labrador, it said today.
The Norwegian company has acquired approximately 70% of NAS shares and has an option to buy an additional 28.5% in a limited period in 2023.
NAS manufactures fish cages, docks, boats and barges, nets and offers a full range of services, including on-land net washing and disinfection, net manufacturing, testing, mending/repair and antifoulant treatment. It is based at Milltown, Head of Bay d' Espoir.
Strengthen presence
AKVA said in January that the deal would strengthen its presence in a region with significant growth projections for salmon farming and was an important step in the company’s ambition to become the preferred aquaculture technology and service provider on the east coast of Canada.
It added that the deal is expected to yield synergies with AKVA’s existing service operations in the region, as well as better position AKVA for sale and delivery of systems and solutions across the pen-based product portfolio.
