As previously announced in a stock exchange release 20th of December 2007, Aker Seafoods has today signed a final agreement for its purchase of 70 per cent of the shares in the French seafood company Viviers de France. The acquisition will further strengthen Aker Seafoods’ position as a leading seafood company in the European market where the demand for first class seafood products is high and continuing to grow.
– The acquisition is fully in line with our strategy of broadening our product offering and expanding in new growth areas in the European seafood markets. We expect the acquisition in France to increase revenue of fresh consumer packed seafood products to quality focused customers in Europe, and hence contribute to increased value and improved margins, says Myhre. – The acquisition of Viviers de France underlines Aker Seafoods’ strategy and ambition of bringing the company’s fresh fish business one step further. Combined with further growth through long term relationships in the frozen seafood business, this will strengthen Aker Seafoods’ market position and improve the company’s raw material utilization, Myhre continues.
Through the acquisition of the shares in Viviers de France S.A., Aker Seafoods gains control of strategically located production and distribution capacity that can fully serve the French market and at the same time be a platform for further growth in other attractive European markets. The total turnover of the Viviers de France Group in 2007 is expected to be in the range of EUR 64 million, while the Group EBITDA is expected to be in the range of EUR 3.1 million. In total, the Viviers de France Group employs 260 people across its operations.
– The final purchase price for 70 per cent of the shares depends on the financial performance of the Viviers de France Group in 2007 and 2008. With on target deliveries in both years, the final purchase price will be in the range of EUR 8 million of which EUR 4.5 million is paid on closing end of February 2008 and the remainder during 2009. With net interest bearing debt of EUR 7.6 million this gives a total enterprise value of EUR 19 million, explains Myhre.
The entrepreneurs and two main sellers, Arnault Chaperon and Jean-Philippe Tachon, will continue to own 30 per cent of the shares in the company and stay on in key management positions. The future ownership of the remaining 30 per cent of the shares is subject to an option agreement. Credit Agricole Private Equity will exit its minority shareholding. Finally, the transaction is subject to regulatory approval and is expected to be completed in 5-8 weeks.
