The ultimate owners of Norwegian fish feed producer Ewos have signed a deal to acquire Nova Austral, the Chilean salmon farmer formerly owned by Pescanova.
"Following an acquisition, it is intended that Nova Austral over time settles its outstanding receivables of approximately $40 million to Ewos Chile," said Ewos in a statement.
"Furthermore, the new owners plan to return Nova Austral to normal operations, with Ewos Chile supplying fish feed to the company's farming operations on commercial terms."
"With its strong team, great assets and facilities, and excellent location in [Chile's] region XII, we believe that Nova Austral has an untapped opportunity to grow production," said Einar Wathne, group CEO for Ewos.
Ewos, which is owned by the private equities Altor Fund III and Bain Capital, said it has no plans to grow in salmon farming beyond this deal.
Nova Austral will continue to operate as an independent company, with Ewos supplying the company feed on commercial terms, it said.
The deal to acquire Nova Austral from its bankruptcy trustee was signed by the Norwegian parent company of Albain Bidco Norway and Albain Midco Norway, Albain Holdco Norway, through a subsidiary.
Albain Holdco Norway is the ultimate Norwegian parent company of the Ewos Group.
"Ewos views Nova Austral as an important customer and a company with lots of potential. The company has for the last several years struggled with liquidity difficulties as a result of the placement in bankruptcy of its parent companies, Acuinova and Pesca Chile," said Ewos.
"By offering to purchase Nova Austral, Ewos is able to help one of its important customers return to operating at its full potential. Ewos plans to work with the existing team to significantly improve the business, while adding management over time to replace the administrative and sales functions currently operated by its parent company, Acuinova."
After the acquisition, Nova Austral's main shareholder will be Ewos Invest AS, a subsidiary of Ewos' ultimate Norwegian parent company, Albain Holdco Norway.