High Liner Foods has announced the purchase of a minority stake in Norway’s Andfjord Salmon Group.

The Canadian frozen seafood major will secure a 4.5% ownership share in the company for a sum of C$10m ($7.29m).

It will fund the investment through cash from operations, the group said in a statement.

The cash injection will also form part of Andfjord’s capital raise, which it looks to close at some point this month.

Listed both on the Euronext Growth exchange and the Oslo Stock Exchange, Andjford specialises in processing Atlantic salmon using sustainable techniques.

Operating in waters off the northern Andøya island in Norway, the group intends to use the incoming funds to boost production capacity.

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Andfjord claims to use sustainable techniques to farm its Atlantic salmon, by using its own homemade natural plankton feed.

It also uses a “natural flow” technology, which uses a “closed flow-throw system” to farm the fish, which the company says consumes lower levels of energy than other traditional aquaculture systems.

High Liner CEO Paul Jewer said: “Salmon is an important growth species for High Liner Foods, and we believe that land-based aquaculture will become an important component of the global salmon supply chain that will help bridge the gap between supply and demand.

“Today’s modest investment will give High Liner Foods a platform to gain operational insights and experience in land-based aquaculture as part of our ongoing efforts to meet the growing consumer demand for sustainably sourced and eco-friendly seafood products.”

“We feel that Andfjord is an ideal partner that possesses the proven technology and experience High Liner Foods can work with and learn from, as we focus our efforts on growing our Atlantic Salmon business in North America.” 

The move marks High Liner Food’s second significant investment in 2024. In March, the secured a 10% stake in another Norwegian peer, Norcod AS, which specialises in North Atlantic cod.