OSLO, NORWAY: Goldman Sachs Asset Management, through indirect subsidiary Falcon Bidco AS, has agreed to acquire Frøy ASA, a Norwegian aquaculture services company, in a deal worth NOK 6.6 billion. The transaction is expected to close in the third quarter of 2023.

Frøy is a leading provider of transportation and support infrastructure to the aquaculture industry. The company operates a fleet of wellboats and service vessels that are used to transport fish, feed, and other supplies to aquaculture farms. Frøy also provides a range of other services, such as fish health and welfare, and environmental monitoring.

The acquisition of Frøy is part of Goldman Sachs’s strategy to invest in sustainable infrastructure businesses. Goldman Sachs believes that the aquaculture industry is a key growth area, and that Frøy is a well-positioned company to benefit from this growth.

The acquisition of Frøy is expected to be financed through a combination of debt and equity. Goldman Sachs has secured NOK 4.5 billion in debt financing for the transaction, and is expected to raise the remaining NOK 2.1 billion through a public offering of shares in Frøy.

The acquisition of Frøy is a significant deal for Goldman Sachs, and is likely to be seen as a sign of the firm’s commitment to sustainable investing. The deal is also a major coup for Frøy, which will gain access to Goldman Sachs’s capital and expertise.

“We are excited to invest in Frøy, as one of the leading companies providing mission-critical transportation and support infrastructure to the aquaculture industry,” said Tavis Cannell, Global Co-Head of Infrastructure within Goldman Sachs Asset Management.

“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.”

“We are pleased to have successfully completed the strategic review in Frøy announced earlier this year,” said Frode Arntsen, CEO of SalMar.

“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.”

“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,” said Frøy.

“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.”

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