Norway-based Lerøy Seafood Group (LSG) has acquired seafood company Fossen for NOK203m (US$32m).

Fossen, located outside Bergen, in Norway, has agreed to sell 100 % of its share capital, with net interest bearing debt of approximately NOK 77m on 31 March 2006. It posted a pre-tax profit of NOK18m in 2005, and LSG expects an improvement to this figure during 2006.

The Fossen group farms and smokes salmon and trout – harvesting between 5,000 and 6,000 gwt per year.

LSG said in a statement: “The acquisition is within LSG’s strategy to expand its farming and processing activity.”