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Steinsvik Group and Aqualine join forces

Kverva Technology AS and Frøyaringen AS, the respective owners of Steinsvik Group AS and Aqualine AS, have set up a joint venture company to wholly own both Steinsvik Group and Aqualine. The new company has a projected turnover exceeding NOK 1.5 billion and 700 employees.
Kverva Technology owns 90.1% of the company while Frøyaringen owns the remaining shares. Both Steinsvik Group and Aqualine will remain as companies in their own right after the transaction, in their own premises and pursuing their own business activities. The joint venture is designed to strengthen their research and development activities within aquaculture. Both companies will be able to complement each other with their ranges of products and services, and their geographical locations. The new company is expected to be registered as soon as the necessary approvals from the competition authorities and remaining due diligence procedures are in place.

"It was important to us that the companies had a common value set, focusing strongly on skills and innovation. Steinsvik believes in improving current aquaculture technology, and we found the same creative desire in Aqualine. That gives us every reason to believe that we can join forces to help fish farmers to become even more cost-effective and productive," states Terje Eidesmo, CEO of Kverva Technology.

"We have lofty ambitions, and are certain that the partnership will make a positive contribution to developing the industry. Aqualine and Steinsvik have been leaders within their own fields of aquaculture technology, and we believe that we will complement each other and will be stronger together. That provides the basis for even more investment in research and development, focusing on cohesive, all-round solutions," says Trond Lysklætt, Aqualine.

For more details, contact:
Terje Eidesmo, CEO Kverva Technology AS and Chairman of Steinsvik Group, tel. +4795938281
Trond Lysklætt, CEO Aqualine AS, tel. +47 48011950

About Steinsvik Group: Steinsvik is a leading producer and supplier of robust solutions and products to the aquaculture industry, with the objective of being the preferred partner for industry technology. The group's head office is in Haugesund, with branches along the Norwegian coast, in Scotland, Chile, Oceania, Canada, Vietnam, Spain and Turkey. Turnover in 2016 exceeded NOK 900 million and increased again in 2017. The company has around 600 employees. See also www.steinsvik.no

About Aqualine: Aqualine is an R&D focused cage system supplier and manufacturer of cages, mooring systems, marine engineering, nets and service. Aqualine's head office is in Trondheim, and the company has three bases and warehouses in Norway (Frøya, Bømlo, Tovik), a service station for nets at Hitra and a subsidiary in Australia. The company turned over NOK 449 million in 2016 and expects a significant increase in 2017. Aqualine is owned by Frøyaringen AS, assisted by Pareto Securities during the process. Website: www.aqualine.no

About Kverva and Kverva Technology: Kverva AS is an investment company specialising in the marine sector. The company's head office is in Trondheim. Kverva has a portfolio consisting of shareholdings in leading companies within the sector, including Kverva Technology AS. The marine sector represents a future growth industry which Kverva believes has considerable potential for value creation. Kverva administers a large capital base and has an active investment strategy. Website: www.kverva.no
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