AIH to acquire Imenco Aqua AS and Imenco Chile SA

Advanced Innergy Holdings Ltd (“AIH”, trading as AIS) has entered into a definitive agreement to acquire 100% of the shares in Imenco Aqua AS and Imenco Chile SA (“Imenco Aqua”), a Norway- and Chile-based supplier of essential aquaculture technology solutions.

Imenco Aqua supplies oxygenation systems, monitoring solutions and biomass technologies used by salmon farmers to support fish welfare, operational performance and regulatory compliance in key salmon markets. The company also provides upwelling solutions and specialised camera systems deployed in and around farming operations.

Imenco has an established installed base of oxygenation and upwelling-related systems across Norway and Chile. Approximately 30% of FY25 revenues are recurring, supported by leasing of IP-protected systems and ongoing aftermarket service and technical support, enhancing earnings visibility and quality.

Building on AIH’s recent Ovun acquisition, the transaction further expands AIH’s Marine platform into cage-adjacent aquaculture operations and strengthens its commercial reach in Norway and Chile.

We are excited to join AIS and take an active role in developing the aquaculture business alongside AIS’ strong teams. With more than 40 years in aquaculture, we know that staying ahead requires scale and a strong technology platform. As part of AIS, we see increased opportunities to strengthen our position in existing and new segments, leverage AIS’ global reach, and accelerate collaboration and cross-selling across Norway, Chile and other markets. Oaklins supported management throughout the process with clear structure and strong coordination, allowing us to maintain full focus on customers and day-to-day operations while progressing the transaction efficiently Tommy Storsveen, General manager at Imenco Aqua

Chile is a key market for global salmon farming, with increasing focus on oxygenation, monitoring and operational performance in demanding marine environments. Becoming part of AIS strengthens our ability to support customers locally while leveraging a broader international platform. Oaklins supported us throughout the process with strong strategic insight and transaction expertise, helping ensure we found the right partner to support the next phase of Imenco Aqua’s growth. David Ulloa, General Manager at Imenco Aqua Chile

About Imenco Aqua

Established in Norway in 1985, Imenco Aqua supplies technology and infrastructure solutions to the global aquaculture industry, with a primary focus on Atlantic salmon farming. The company operates from its headquarters in Norway and maintains additional operations in Chile, with manufacturing and production capabilities in both countries. These markets are strategically significant, as Norway and Chile together account for the majority of global Atlantic salmon production.

Imenco’s product portfolio includes oxygenation and gas diffusion systems, environmental control solutions, biomass measurement technology and specialised in-pen camera systems. Its solutions are used by salmon farmers to manage dissolved oxygen, temperature variation, monitoring and operational control in both sea-based and land-based environments.

The company operates across three facilities and employs approximately 57 people, with a strong engineering and technical profile. More than half of its workforce is engaged in specialised technical functions, including product testing, qualification, commissioning and customer support, reflecting the operationally critical nature of its equipment.

This acquisition strengthens our position in the fast-growing aquaculture market and creates clear cross-sell opportunities across our customer bases. With strong strategic fit, close geographic proximity and solid cultural alignment, we are confident in a smooth integration and continued value-creating growth through M&A. We look forward to welcoming the Imenco team and further strengthening our Marine segment globally. Andrew Bennion, CEO at AIH

About Advanced Innergy Holdings Ltd

Advanced Innergy Holdings Ltd, trading as AIS, is a global leader in materials science technology for the protection of critical infrastructure. It develops, manufactures and installs high performance solutions used in hazardous and highly regulated environments. Its products are trusted across mission critical energy, emerging technology, transport, marine, defence and industrial applications.

AIH holds 181 granted and pending patents and over 93 active type approvals globally. The Group operates across 14 countries and employs approximately 800 staff.

The acquisition reflects continued consolidation in aquaculture technology, as industrial platforms broaden oxygenation and cage-adjacent capabilities to address rising biological complexity and tighter regulation. Imenco Aqua’s complementary portfolio strengthens AIH’s access to core salmon regions, supports cross-selling across its global footprint and further diversifies AIH’s revenue base within regulated aquaculture environments.

The purchase price is NOK 120 million, with an additional earn-out of up to NOK 20 million, linked to future performance.

Oaklins' team in Norway acted as the exclusive financial advisor to the owners of Imenco Aqua in this transaction.

We chose Oaklins because of their experienced team and their strong industrial and technological understanding of our sector. Through their global organisation, they attracted a number of relevant international buyers and helped us identify the right strategic partner for Imenco Aqua. Throughout the process, the team demonstrated professionalism, structure and sound commercial judgement. Their guidance throughout the cross-border process was highly valuable, and we are very pleased with the outcome. Geir Egil Østebøvik, Chairman and owner at Imenco Aqua

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