Mørenot ties up deal with equity investor

The current owners of Mørenot – which owns Harris-based Net Services (Scotland) Ltd and Net Services (Shetland) Ltd in Scalloway -are third and fourth generation descendants of the founders, and will re-invest alongside FSN Capital and continue to own a stake in the Mørenot.

In a joint press release, Mørenot and FSN said the equipment supplier has shown strong performance in recent years and established a global platform for continued expansion.

They said Norway-based Mørenot holds a reputation for leading quality and servicing capabilities based on innovation and local presence, and is driving innovation within the industry, with several recent and ongoing successful projects.

In 2017, Mørenot reported sales of approximately NOK 870m (£81m).

Marine Harvest Scotland chose Mørenot’s Flexilink mooring system for its most exposed Scottish farm site to date, off the island of Muck.

It also uses Mørenot’s MMCD technical database to keep track of certificates, lifespan and inspection intervals for nets, moorings, cages and other technical equipment such as boats and generators.

“FSN Capital is excited about the opportunity to play a leading part in providing the world’s growing population with a healthy source of protein in an environmentally sustainable manner. We are eager to partner with the founding family in realising the company’s next growth journey,” said Ulrik Smith, partner at FSN Capital Partners AS, acting as investment adviser to FSN Capital.

“The family and the board are very proud of what the employees and management team have achieved with the company. The family is excited to have entered into a partnership with FSN, which will support the company in its next phase of growth. We are optimistic about the future and look forward to the partnership,” said Sveinung Flem, chairman of the Mørenot board.

The transaction is subject to approval from the competition authorities.