20 Dec 2019

NIB refinances Pelagia’s acquisition of omega-3 producer Epax Norway AS

NIB and the Norwegian producer of pelagic fish products Pelagia Holding AS have signed a seven-year loan agreement of NOK 150 million (EUR 15 million) to refinance the acquisition of omega-3 fatty acid producer Epax Norway AS.

Epax Norway AS is a leading producer of concentrated, marine-based omega-3 fatty acids for dietary supplements and pharmaceutical preparations, located in Ålesund, Norway.

The Epax omega-3 product line complements Pelagia’s portfolio of pelagic fish products for human consumption, as well as production of fishmeal, and fish oil used in feed for farmed fish and livestock.

The acquisition of Epax Norway provides Pelagia with access to production resources, networks and markets for refined marine oils for human consumption and allows for more efficient utilisation of Epax’ process side streams.

Potential new R&D lines are expected to open up for the company, which will support the fishing and fish-producing cluster in Western Norway.

Pelagia Holding AS is a leading producer and exporter of pelagic fish products, mainly sourced from the North Atlantic ocean, such as herring and mackerel. Pelagia is wholly owned by Austevoll Seafood ASA and Kvefi AS and has it’s headquarter in Bergen, Norway. The company operates 25 factories in Norway, the UK, Ireland and Denmark.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact:

Mr Nicolas Audibert, Director, Origination, at +358 10 618 0689, nicolas.audibert@nib.int

Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234, lisa-maria.altenberger@nib.int