Purchase of Aquatec Solutions A/S
AKVA has now entered into an agreement with Fokus Invest ApS, J&O Holding, Randbøl ApS and RM Invest ApS for the purchase of all of the shares in Aquatec Solutions A/S
The purchase price will be paid in cash on completion of the transaction, which is expected to take place on 30 September 2015. In addition AKVA will pay an adjustment amount based on the net debt and working capital position of Aquatec as of the closing date. Finally, AKVA will pay to the sellers an additional consideration (earn-out) based on the realized EBITDA of Aquatec for 2015 and 2016. The parties have agreed an estimated net present value of the earn out in the amount of DKK 21.6 million based on current budgets and forecasts.
AKVA will finance the transaction with a loan from Danske Bank.
The significance of the transaction for AKVA
Aquatec is a leading provider of technology and solutions for land-based fish farming.
"We are pleased to welcome Aquatec in to AKVA. Aquatec Solutions has a good reputation and a strong presence, especially in the salmon farming regions in the world and will supplement our existing land based set up in a very good way", states Trond Williksen, CEO of AKVA group ASA.
The transaction significantly strengthens AKVA's positioning towards a land based technology segment expected to grow in the years to come.
Aquatec operates worldwide in supplying land based fish farming technology and solutions for both salt and fresh water fish. Aquatec's offering covers everything from complete fish farming systems to high quality fish farming equipment and components. For facilities in operation, Aquatec provides supervision and support.
Aquatec has 25 full time employees in Denmark, with a further 19 engaged in the activities of the group in Chile.