Orkla Health has purchased 95% of the shares in Vesterålen Marine Olje AS, which produces various residual raw materials from white fish for use in the production of cod liver oil and other products.
Vesterålen Marine Olje, which has offices and production facilities in Myre, also comprises the subsidiaries Vesterålen Marine Proteiner AS and Vesterålen Marine Ingredienser AS in addition to a 30% equity interest in Vesterålen Marine Seaweed AS.
Ever since the 1800s, Möller’s Tran cod liver oil has been used by Norwegians to counter health challenges, as well as the harsh climate.
In recent years, more and more people outside Norway’s borders have discovered Möller’s Tran, and over half of the production volume is now exported and sold in over 30 countries.
In the past three years, the Möller’s brand has grown by around 30%, in terms of consumer units sold.
Shaher Yar Khan, chief operating officer at Orkla Health, commented, "We have had a good business relationship with Vesterålen Marine Olje for quite some time, where they have been an important supplier of raw materials for Möller’s Tran cod liver oil.
"We are now acquiring an ownership interest with a view to further developing the business and creating value for suppliers, customers and coastal communities in the region as well as for ourselves."
“Even though we now have an ownership interest in Vesterålen Marine Olje, we will maintain the good collaboration with other partners that gives us the flexibility and security ensured by having several good suppliers,” added Shaher Yar Khan, who emphasises that Vesterålen Marine Olje will also maintain other customer relationships.
Orkla Health Acquisition Of Vesterålen Marine Olje
In 2020, Vesterålen Marine Olje and its subsidiaries generated a consolidated turnover of NOK 60 million (€6.03 million).
“We have worked closely with Orkla for many years as a supplier. Both parties have wanted to take this collaboration a step further, and in our dialogue it became apparent that the best alternative for developing the company is for Orkla to take over as main shareholder,” explained Mikal Steffensen.
Steffensen has been the main shareholder in Vesterålen Marine Olje through the company Klotind AS, and will remain involved with a 5% shareholding and a seat on the board of directors.
The company will continue to be run with the same management and organisation, and Stian Frivåg will continue to serve as managing director.
The company will be consolidated into Orkla’s financial statements as of 1 January 2022.
The parties have agreed not to disclose the purchase price.
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