VAQ Acquisition Enhances Endúr's Aquaculture Prowess
Deal News | Dec 23, 2024 | Broodstock Capital
Broodstock Capital has sold its RAS supplier, VAQ AS, to Endúr ASA, marking a significant strategic transaction in the aquaculture industry. This acquisition positions Endúr as a leading provider of land-based fish-farming facilities by enhancing its technological portfolio and engineering capacity. The deal, worth an equity value of NOK 115 million, is fully financed through a balanced mixture of cash and consideration shares. VAQ's integration with Endúr's subsidiary, Artec Aqua, is expected to generate substantial synergies, broadening service offerings and increasing market presence. The transaction is projected to close by February 2025, pending regulatory approval from the Norwegian Competition Authority.
Sectors
- Aquaculture
- Private Equity
Geography
- Norway – Both VAQ and Endúr are based in Norway, and the transaction is subject to approval by Norwegian regulatory authorities.
- Denmark – VAQ has an office in Ribe, Denmark, showing geographical relevance to the transaction.
Industry
- Aquaculture – The article involves companies that operate in the aquaculture industry, focusing on land-based fish farming technologies and facilities.
- Private Equity – Broodstock Capital, a private equity firm, is the seller of VAQ, indicating the involvement of the private equity industry in strategic transactions.
Financials
- NOK 115 million – Equity value of VAQ in the transaction.
- NOK 95 million – Enterprise Value excl. leasing liabilities of VAQ.
- NOK 58.75 million – Cash paid by Endúr for the acquisition.
- NOK 58.75 million – Value of consideration shares issued as part of the acquisition.
- NOK 400 million – Expected revenue of VAQ for FY 2024.
- NOK 2.5 million – Locked box compensation paid from 1 November to closing.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| VAQ AS | Target Company | Company | A leading supplier of efficient land-based RAS fish-farming facilities. |
| Broodstock Capital | Selling Company | Company | A private equity firm selling its stake in VAQ. |
| Endúr ASA | Bidding Company | Company | Acquiring VAQ to enhance its market presence in land-based aquaculture. |
| Artec Aqua | Subsidiary | Company | A subsidiary of Endúr ASA, involved in aquaculture solutions. |
| Norwegian Competition Authority (Konkurransetilsynet) | Regulatory Body | Government | Responsible for the approval of the transaction. |