Frøy, whose fleet of fish farm service vessels includes some of the world's largest wellboats, was part of the NTS group acquired by SalMar last year. However, the company did not fit with SalMar’s core business of salmon farming.
Commenting on the deal, which is due to be finalised in the third quarter of the year, Tavis Cannell, global co-head of infrastructure within Goldman Sachs Asset Management said: “We are excited to invest in Frøy, as one of the leading companies providing mission-critical transportation and support infrastructure to the aquaculture industry. Wellboats and service vessels are vital to enabling best-in-class farming practices and Frøy is at the forefront of driving sustainability. We look forward to partnering with Frøy and its management team, employees and long-standing customers in supporting long-term growth and value creation.”
Frode Arntsen, CEO of SalMar commented: “We are pleased to have successfully completed the strategic review in Frøy announced earlier this year. Following a constructive process and after reaching a final agreement we believe we have found the best solution, not only for the SalMar group, but for all shareholders in Frøy. Following a successful process with many highly reputable interested parties involved, we have found a buyer for the shares in Frøy who we believe is a good fit and will be a strong partner for Frøy in the future.”
A spokesperson for Frøy added: “We are pleased that Goldman Sachs Asset Management is becoming a strategic partner to us to further strengthen Frøy as a leading integrated provider of aqua services to fish farmers. By leveraging Goldman Sachs’ capital, expertise and network, Frøy will be well positioned to develop the business with the intention to continue the sustainable growth of the Company. The team is excited for the next phase of developing the Frøy group.”