On 20th September 2022, Bakkafrost entered into a share purchase agreement to acquire the shares in P/f Faroe Seafood 2011 and the company’s subsidiary Faroe France S.A.R.L.. Faroe France has a sales office in Boulogne Sur-Mer, France, one of the major ports for import of seafood to France and the EU, and is specialized in imports, sales and distribution of Faroese seafood. The acquisition will strengthen Bakkafrost’s position within the EU market and will improve the level of service that Bakkafrost can offer to customers within the EU. Bakkafrost will officially take over operations from 1st October 2022.
The purchase agreement is subject to approval by the Faroese Competition Authority.
Regin Jacobsen, CEO at Bakkafrost, said:
“At Bakkafrost, we aim to be the preferred supplier of world-class salmon, and we are committed to building long-term partnerships and delivering outstanding customer service. The purchase of Faroe France enables us to further optimize our downstream logistics and provides us with the opportunity to deliver smaller orders to customers within the EU”.
In 2021, 61% of Bakkafrost’s salmon was exported to the European market, and especially Bakkafrost Scotland exports a significant part of its harvest to the European continent.