SYDNEY: Advanced Innergy Holdings Ltd (ASX:AIH) said on Thursday it has acquired Norway-based aquaculture technology supplier Imenco Aqua for an undisclosed sum, in a deal that expands its product offering in the fast-growing global salmon farming market.
The acquisition, funded from available cash reserves, is expected to close by the end of March 2026 subject to customary conditions, the Australian materials science technology group said in a statement.
Around NOK 39 million ($3 million) of the purchase price is subject to an earn-out structure aimed at aligning incentives with Imenco Aqua’s management, AIH said.
Imenco Aqua, founded in 1985, supplies sub-surface products and services to the Atlantic salmon farming industry, with operations in Norway and Chile – two countries that account for approximately 80% of global production, according to a United Nations FAO report cited by AIH.
The business generated unaudited revenue of $15 million and underlying EBITDA of $3 million in the financial year ended December 2025. It employs 57 staff across three facilities, with more than half working in technical support and customer service roles.
AIH said the deal follows its recent acquisition of Ovun and offers cross-selling opportunities in the aquaculture market, where it expects demand to grow amid tightening regulations and rising food production needs.
“Imenco Aqua’s products are differentiated from our current product offering in this market and therefore provide tangible cross-sell opportunities across our respective customer bases,” AIH Chief Executive Andrew Bennion said.
The acquisition is expected to be earnings per share accretive from completion, with AIH forecasting both revenue and cost synergies in the 2026 financial year.
Bennion said the group had a pipeline of other bolt-on opportunities globally and expected to provide further updates during the year.
AIH, which trades as AIS, holds 181 granted and pending patents and employs around 800 people across 14 countries.