In a transaction closed on 1 January 2022, Bakkafrost has acquired 90% of the
shares in Munkebo Seafood A/S. The deal was jointly made with Michael Karlsen,
who has been the General Manager of Munkebo Seafood for the past many years. The
shares were acquired from Paul Lybech, who has been engaged with Munkebo Seafood
for almost 25 years. Following the transaction, Michael Karlsen holds 10% of the
shares in Munkebo Seafood A/S while Bakkafrost holds 90% of the shares.
Munkebo Seafood A/S was founded in 1974 and has since the formation been engaged
in production of canned fish at the factory in the city of Munkebo in Denmark.
Today, the company operates a modern canning facility and offers a wide range of
products, of which a larger share is based on salmon. Bakkafrost has been one of
the largest suppliers of raw materials for Munkebo Seafood for the past few
years, making Munkebo Seafood a great extension of Bakkafrost's value chain.
With a planned increase in production of salmon over the coming years, from
Bakkafrost's farms in the Faroe Islands and in Scotland, Munkebo Seafood will
have a strengthened raw material base and Bakkafrost will strengthen the ability
to further increase the value derived from its salmon by-products.
Michael Karlsen continues as general manager of Munkebo Seafood, now with a 10%
stake. The operations of Munkebo Seafood will remain unchanged. Munkebo Seafood
has around 40 employees, and the products are currently sold mainly within the
EU market to retail customers. Munkebo Seafood had a gross contribution margin
of DKK 13.7m in 2019, with an EBIT of DKK 2.1m, and in 2020 a gross contribution
margin of DKK 18.5m, with an EBIT DKK 4.8m. There is considerable spare
production capacity for future growth within the current facility.
With the acquisition of Munkebo Seafood, Bakkafrost can now offer a wider range
of products. Bakkafrost offers fresh, frozen and smoked salmon products, and now
canned food is added. Bakkafrost has a global sales network, and Munkebo
Seafood's products will now be offered in a wider market as a supplement to
Bakkafrost's other consumer packaged products.
Bakkafrost is the largest salmon farmer in the Faroe Islands and has extensive
salmon farming in Scotland. The Bakkafrost Group is fully integrated from the
production of fishmeal and salmon feed to genetics, roe and fry, breeding,
processing, processing and sales. Bakkafrost has activities in the Faroe
Islands, Scotland, England, USA and now also in Denmark. Prior to the
acquisition of Munkebo Seafood, Bakkafrost had 1,644 full-time employees.
Contacts:
· Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
· Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)