Norwegian seafood company Insula has signed an agreement to buy a 68% stake in Danish seafood firm Amanda Seafoods for an undisclosed sum.

Amanda, established in Denmark in 1916, manufactures and sells canned seafood products to the retail and catering markets. The company produces a range of products including mackerel, salmon sausages and tuna, although cod roe is its primary product. Around 40% of Amanda’s turnover is derived from exports, Insula said.

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Insula, which is majority-owned by Norwegian marine-focused investment company Kverva, has acquired Amanda from majority shareholders Poul and Anja Plougmann.

Poul Plougmann, who will own 9% of the shares in Amanda and continue as company chairman on completion of the deal, said: “Although Amanda is a solid player in the Danish seafood market, we believe it is still possible to further exploit the potential of the company and its many talented employees”. He said the acquisition would see “even more momentum” in Amanda’s development.

Amanda’s administrative director Jesper Kold Sorensen will continue as co-owner of the company with a 15% stake, Insula said. COO Morten Nielsen and director of exports Morten Sander will continue in their posts and each hold a 4% stake.