Nordly Holding begins STIM sale process

Nordly Holding has initiated a sale process for STIM, an aquaculture service and fish health provider based in Leknes, Norway.

Nordly Holding Owner Jim-Roger Nordly said he expects the sale to be completed in H1 2024.

“It will be an interesting process, which I am confident will result in a solution that is in the best interest of the company,” he said. “The precondition, of course, is that we find the right owners who share our values and possess the appropriate competence and ambition to take STIM to new heights.”

STIM, the developer of the SuperSmolt Feed Only smolt optimization system, has offices in Norway, Chile, the United Kingdom, and Canada. Founded in 1988, STIM developed some of the first oil-based vaccines for fish, and pioneered the use of bacteriophages to combat harmful bacteria in aquaculture, according to the company. It now manufactures a variety of marine pharmaceuticals and fish health products, and offers fish health services, environmental surveys, and consulting services. It had sales of NOK 1.2 billion (USD 109.2 million, EUR 103.7 million) in 2022, and has already surpassed that figure thus far in 2023. ABG Sundal Collier has been hired by Nordly to carry out the sales process.

“STIM possesses a unique breadth of biological expertise, which is in high demand in the global aquaculture industry. It is primarily through improvements in biology, fish health, and fish welfare that the industry's enormous inherent potential can be unlocked. These are fields where STIM already plays a key role and enjoys great trust,” Nordly said. “Virtually all of the world's salmon farmers are on our customer lists today, and with increasing activity and sales year after year, STIM is in a very robust position. That is why it is also appropriate for the company to explore alternative ownership structures now.”

STIM hired Carl-Erik Arnesen as CEO in September 2023. In an interview with SeafoodSource, Arnesen vowed that STIM will continue to bring new solutions and innovations to the industry while still maintaining its unwavering focus on championing fish biology and welfare.

"Last year actually saw growth in all STIM divisions – from vaccine distribution to fish health services, environmental surveys, and advisory services, ” Arneson said. ”Our strategies moving forward differ a bit between markets, but we are building on the great efforts among our different teams and will keep strengthening our interdisciplinary collaboration, which is one of the core strengths of this company."

Photo courtesy of STIM