Canadian frozen foods manufacturer High Liner Foods recently invested $5m in the Norwegian North Atlantic cod farming company, Norcod AS, acquiring a 10% stake in the group. This investment is part of Norcod’s larger capital raise, set to close this month. As a result of this deal, High Liner Foods’ CEO, Paul Jewer, will also gain nomination rights to sit on Norcod’s board of directors.
Paul Jewer, who assumed the full-time CEO position at High Liner Foods last December, sees this investment as a strategic move to position the company for future growth and leadership. He stated, “This investment is a small but important step forward in our strategy to position High Liner Foods for the next chapter of leadership and growth.”
The investment will enable High Liner Foods and its stakeholders to benefit from the highly sought-after species like cod, further complementing its existing cod portfolio. This long-term investment will support and help shape the innovative work underway at Norcod to lead the future of sustainable cod farming, providing premium seafood for North America and global markets.
Norcod, based in Trondheim, Norway, and listed on the Oslo Stock Exchange, farms North Atlantic cod in a natural environment. It is the world’s first dedicated cod-farming operation to receive Global GAP Aquaculture standard certification. Managing seven farming sites in Norway, the group distributes its fish across the EU, the UK, North America, and Asia.
High Liner Foods produces frozen breaded and seafood products for retail in Canada and the US. Its labels include Fisher Boy, Sea Cuisine, Mirabel, and Catch of the Day, along with the namesake brand. In their latest financial results, sales volumes grew by 2.4% to 257 million pounds, with total sales nearing $1bn, up close to 1% year-on-year. Net income saw a decrease compared to previous years, attributed to various factors such as lower adjusted EBITDA, increased amortization and depreciation costs, and income taxes in the fourth quarter.
Overall, this strategic investment signifies High Liner Foods’ commitment to supporting innovative and sustainable practices in the food and beverage industry while expanding its market presence and product offerings in alignment with food and drink consumer trends.
