Mørenot announced the acquisition Hvalpsund Net

Mørenot, a Søvik, Norway-based equipment and services provider to the fishery and aquaculture industries, announced that it acquired the Danish aquaculture and fisheries supplier Hvalpsund Net.

The financial details of the deal were not disclosed.

Peter Poulsen, who joined the company in 1966 and took over as CEO in 1974, has together with his family been majority shareholders in Hvalpsund Net since 1974. All the previous owners of Hvalpsund will reinvest a significant share of the proceeds in Mørenot and remain an active part of the future development of the partnership.

Hvalpsund Net, founded in 1934, supplies equipment and services to customers in fisheries and aquaculture. Hvalpsund Net has around 90 employees based mainly in Denmark, Poland and Norway. The acquisition will increase Mørenot’s workforce to more than 700.

Mørenot, founded in 1913 and led by CEO Arne Birkeland, is one of the leaders in the fast-growing market for equipment and services to the fishery and aquaculture industries. The company has 19 bases in Norway and international operations in 15 locations in North and South America, Europe and Asia. These include Mørenot Aquaculture Scotland on Scalpay in the Hebrides, and Mørenot Aquaculture Shetland at Blackness Pier, Scalloway.

Mørenot is owned by investment fund FSN Capital since 2018, which has a grow-by-acquisition strategy, partnering with the founding families to further develop the group's already strong position in aquaculture and fisheries.