Based in Trondheim, Norway, Scanbio produces fish protein concentrate, fish oil and fish meal from fish by-products. The firm’s products are mainly sold into the fish feed, animal feed and bio-fuel markets. No fish is caught specifically to supply the factories; hence the business serves the growing global market demand for sustainably sourced protein for fish and animal feed.
Verdane has together with management and other owners helped the firm develop new products with higher protein content. Operations have been rationalised and prices on all production components, such as electricity and machinery, have been lowered. This has lead to average annual EBITDA growth of nearly 30% during the past seven years. During the same period, revenues have grown from Nkr 106m to Nkr 330m (FY 2010).
Commenting on the transaction, Atle Søvik, Partner at Verdane Capital Advisors, said, “We are pleased to have reached this agreement with Paine & Partners, which will provide value to Scanbio’s owners and reflects the tremendous efforts of the present management team, employees and owners over the past 21 years. The transaction shows how valuable this type of niche expertise is, particularly in an international setting.”