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Altor and Bain Capital Private Equity sell EWOS to Cargill

August 15, 2015

Media Contacts

  • Tor Krusell
    Head of Communication at Altor Equity Partners
    +46 8 678 91 96
  • Ed Gascoigne-Pees
    PR advisor to Bain Capital
    +44 20 3757 4984

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Altor Fund III (Altor) and Bain Capital Europe III (Bain Capital Private Equity) sell EWOS to Cargill inc. (Cargill). EWOS is a world-leading fish feed producer holding around one third of the market for salmon feed. The transaction values EWOS at EUR 1.35 billion.

Altor and Bain Capital Private Equity acquired EWOS from Cermaq in 2013 and established it as a standalone company. Following their investment, EWOS has continued to improve its strategic position as well as its operational and financial performance. EWOS will become a key building block in Cargill’s strategy to expand its animal nutrition business into the aquaculture industry.

“When we entered into the salmon fish feed industry in 2013, it was after following the sector for several years. We have learned a lot from working with EWOS over the last few years, and remain enthusiastic about the growth prospects of fish farming and the importance of fish feed to ensure sustainable growth of farming. We believe Cargill will become a very good owner of EWOS in the next phase of the company’s development. Altor and Bain Capital Private Equity will remain invested in the fish farming sector through its ownership of Nova Austral in Chile”, comments Hugo Maurstad, Chairman of the Board of EWOS and Partner in Altor.

“Since we became owners of EWOS in 2013, and having created a truly independent company, we have achieved significant operational improvements across all facets of the business. This includes R&D investment as well as substantial efficiency enhancements which has positioned EWOS as a key global strategic asset for anyone with the ambition to enter into this sector”, says Ed Han, Board member of EWOS and a Managing Director of Bain Capital Private Equity, based in Europe.

“With significant support from Altor and Bain Capital, Ewos has embarked on a broad improvement program, driving performance in our sourcing, manufacturing, logistics and sales. We have also substantially expanded our investments in R&D. The recent investment in the Fish Health Center in Chile is a milestone for EWOS and the fish feed industry. We have become a better company. Now with access to Cargill’s unique animal nutrition competence and resources, we will be better able to serve customers. This is a natural next step in EWOS’ evolution”, says Einar Wathne, CEO of EWOS.

Closing of the transaction is subject to customary regulatory requirements and approvals.

About Altor

Since inception, the family of Altor funds have raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.1 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Spectrum ASA, Lindorff, Helly Hansen, Navico and Byggmax. For more information visit

About Bain Capital Private Equity

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About EWOS

EWOS is a leading supplier of feed and nutrition for the international aquaculture industry. EWOS has produced fish feed since 1935 and today, the company operates in all four of the world’s major salmon farming regions: Norway, Chile, Canada and Scotland. In addition EWOS has entered the feed market in Vietnam. EWOS continuously invests in research and development in order to maintain its strong reputation as a major player in its field.

This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."