ULTCO becomes part of Milarex

Milarex, a leading international company for marketing and processing of value added salmon products, has acquired ULTCO, the companies announced Monday March 15th. The San Diego, California-based specialty seafood company, which specializes in high-quality, responsibly sourced, and traceable products, has nationwide sales in the United States and Canada.

ULTCO and Milarex are complementary companies, and by coming together I am convinced we can improve our total service to the market and better fulfill the strong demand in the North American market. Its founders have done an excellent job establishing and growing ULTCO to the company it is today, and we are delighted to welcome them together with their outstanding core staff to our international seafood team, said Thomas Farstad, CEO of Milarex.

The market for salmon in the US is fast growing, with specific emphasis on convenient, value-added, and sustainable products. As business partners for several years, ULTCO and Milarex gradually expanded the scope of their partnership, with new product launches at several important retail and food service chains.

ULTCO provides an appealing opportunity to continue the remarkable growth story Milarex has experienced since its start in 2016. The prospects for safe, convenient, and quality products in North America are attractive and we expect to realize significant further growth in the years ahead. Through this transaction, we are transforming Milarex from a European player into a global company, while increasing net sales of the combination to EUR 300 million, said Farstad.

Under Milarex ownership, ULTCO will continue to grow and market innovative new products as an importer and distributor of seafood to North America. Milarex will sell its products through ULTCO, and ULTCO will continue working with its existing partners to complement the product range. The companies expect the acquisition to strengthen product development and reduce time to market while continuing to offer superior customer service. The ULTCO co-founders will remain at the helm under Milarex ownership.

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, ULTCO co-founder Mike Fairman said.

ULTCO and Milarex have been business partners for several years. The transaction closed with both parties agreeing not to disclose the terms of the deal.

About ULTCO

ULTCO is a specialty seafood company that develops, imports, and distributes a full range of sustainably produced seafood products. Working across the fresh, frozen, value-added, and ready to eat categories, ULTCO connects customers with superior products from producer partners that share its commitment to unrivaled quality, a sustainable value chain and responsible fishing and farming practices.

About Milarex

Milarex is a fast-growing international seafood company delivering a large variety of safe and sustainable salmon products. The local approach and close connection to the markets is a cornerstone in the business model. The company is a frontrunner in developing novel business concepts with the aim of improving the overall ESG profile of salmon products. The product range includes smoked, fresh, and frozen salmon products in a wide range of convenient formats. Founded in 2016, Milarex has posted profitable numbers since the outset, experienced fast growth, and become one of the global leaders in the marketing and processing of value-added salmon products. With sales offices in Germany, Italy, France, UK, Poland, and USA, and with high yield and low-cost production facilities in Slupsk, Poland, Milarex has grown to EUR 300 million in net sales. Milarex is headquartered in Oslo, Norway, and is owned by Summa Equity, a sustainability oriented Scandinavian Private Equity Fund.

For further comments, please contact:

Hannah G. Jacobsen, Director and Head of IR
Thomas Farstad, CEO of Milarex, +47 99 150 150