Milarex, a salmon processor headquartered in Norway, has expanded its footprint in North America with a deal for seafood company Ultco in California.

With headquarters in San Diego and processing operations in Iceland and Norway, Ultco claims to be a speciality seafood business, which supplies retail, foodservice and airline customers, as well as private-label clients in the US and Canada. Its portfolio includes fresh, frozen and value-added Norwegian and Icelandic salmon products, and also trout and halibut.

Backed and owned by private-equity firm Summa Equity in Scandinavia, Milarex said it has been working with Ultco for “several years” and both have agreed not to reveal the terms of the transaction.

Thomas Farstad, the chief executive of Milarex, said in a statement: “Ultco and Milarex are complementary companies, and by coming together I am convinced we can improve our total service to the market and better fulfil the strong demand in the North American market. The market for salmon in the US is fast growing, with specific emphasis on convenient, value-added and sustainable products.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The combined businesses will have sales of around EUR300m (US$357.6m). Founded in 2016, Milarex supplies smoked, fresh and frozen salmon products to its domestic market and also the UK, Germany, France, Italy and Poland, and now across the Atlantic to the US. It is headquartered in Oslo, Norway, where it has a processing plant, along with facilities in the northern Polish city of Slupsk. 

See Also:

Ultco's management team will remain in place, including co-founders and managing partners Michael Fairman and Francisco Pinto.

Fairman said: "Milarex's disruptive processing technologies and product innovation capabilities have enabled Ultco to expand our offerings in recent years. When coupled with our shared values around sustainability, transparency and strong farming partnerships, our companies are uniquely aligned to bring value to our customers."