Norwegian company expands its insect investment with a new acquisition
Friday, September 3, 2021
Pronofa became the majority owner of Ecoprot, one of the Norway's leading insect larval producers. The acquisition is the second in a row and part of a larger effort to build up a strong Norwegian industrial player in new local feed ingredients.
“The demand and interest for insect proteins in both farming and agriculture is increasing rapidly. This will be a major international industry in a few years. It is important that Norwegian insect production is consolidated and moves quickly from test projects to industrial scale in order to compete with international players,” said Hans Petter Olsen, who leads Pronofa.
Pronofa was established in collaboration with Denofa, the country's leading supplier of proteins to agriculture. The acquisition of Ecoprot is a strategic acquisition that contributes to geographical expansion and brings in important expertise in both insect production and aquaculture.
“Ecoprot is among the players that have come the furthest in insect production in this country. They provide us with capacity and very valuable knowledge about the use of insect larvae in the aquaculture industry,” said Olsen.
Ecoprot has production facilities in Meløy municipality in Nordland. As of today, the annual production capacity is about 80 tons of insect larvae, but is planned to expand to 1,000 tons in 2022. The company is ready for expanded production and needs a larger player to enable scaling of the business.
“We are very proud and happy to have a professional and industrial player like Pronofa on the ownership side. There is little doubt that this market will develop rapidly, and that together we will be able to become a significant player in this new and very exciting industry,” said Asbjørn Torrissen, general manager and founder of Ecoprot.
Pronofa also revealed ambitions beyond national borders. The company’s chairman of the board, Bjørge Gretland, said that “Pronofa is establishing itself as a leader in the sustainable production of nutrients from both insects and marine sources. The company wants to accelerate growth through rapid organic growth in addition to strategic acquisitions, nationally and internationally.”
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