News

On the 12 May, Kingfish announced a strategic financial restructuring, which upon completion will result in a simplified capital structure, new equity and increased liquidity to support growth and value creation.

Eyrir has established a new entity, Eyrir Blue Farms.  Eyrir Blue Farms focuses on investments in land-based aquaculture companies at late venture/early growth phase – companies with strong teams, customer relations and great products that are made and delivered in a sustainable way. 

Eyrir Blue Farms becomes the largest shareholder in Kingfish.  The financial restructuring is further supported by a broad group of key existing shareholders and long-term backers of the Company, including seed investors, underlining their continued confidence in the Company and its long-term potential.

 About Kingfish

Kingfish Company B.V., is a Netherlands‑based aquaculture company specialising in land‑based farming of yellowtail kingfish (Seriola lalandi) using recirculating aquaculture systems (RAS) in Zeeland, the Netherlands. Kingfish sells its products into premium markets, including high‑end restaurants across Europe, and has positioned itself at the forefront of sustainable land‑based aquaculture. Founded in 2015, the company currently has a production capacity of approximately 3,600 tonnes. Kingfish shares are listed on the Euronext Growth Oslo.

ABG Sundall Collier acted as financial advisor to Kingfish.  Arctica Finance and AX legal services are acting as advisors to Eyrir in the private placement and strategic financial restructuring.

Euronext Oslo Børs

The Kingfish Company

At a shareholders’ meeting of Eyrir Invest hf. held on 8 April, 2025, a new Board of Directors was elected. The new Board members are Atli Bjorn Thorbjornsson, Arni Oddur Thorðarson, and Thorður Magnusson. The Board has convened and assigned responsibilities with Arni Oddur appointed as Chairman.

 

At the company’s Annual General Meeting on 27 March 2025, shareholders unanimously approved a share capital reduction, executed by distributing shares in JBT Marel and Fræ Capital to shareholders. The company’s founders, Thorður Magnusson and Arni Oddur, are now equal shareholders of the company – Thorður in his own name and Arni Oddur through his holding companies, Sex álnir and 12 Fet.

 

Special thanks are extended to the outgoing board, which under the leadership of Fridrik Johannsson, has diligently overseen the company’s affairs in recent years. Notable accomplishments include supporting the merger of JBT and Marel, establishing Fræ Capital to manage the company’s venture investments, and the repayment of all outstanding debt to creditors – a prerequisite for the voluntary offer to Eyrir Invest’s shareholders. The company’s management team has executed this two-year process with professionalism, concluding with the distribution of share capital, with advisory support from Arctica Finance, Logos and KPMG.

 

The company also extends its gratitude to the departing shareholders, a group of high-net-worth individuals and institutional investors, for their good collaboration. Some of them have been with the company for two decades, supporting outstanding companies such as Marel and Össur on their growth and value creation journeys.

 

Eyrir Invest celebrates its 25th anniversary this year, and in coming months, the board will focus on defining a renewed long-term strategy for the company’s future.

At the Annual General Meeting of Eyrir Invest on 27 March 2025, the Board’s proposal to reduce share capital with payment to shareholders was approved by all shareholder of the company. The proposal was in line with the outcome of a voluntary offer made to shareholders to participate in the planned share capital reduction. Approximately 91% of outstanding share capital was tendered in the offer with all shareholders choosing to participate, either partially or in full.

Eyrir Invest was founded in 2000 by Thorður Magnússon and Arni Oddur Thorðarson. Over time, additional shareholders joined the company, including high-net-worth individuals and institutional investors. Following the share capital reduction, the founders of Eyrir Invest will become the company’s sole shareholders, each holding an equal stake, Thorður Magnússon in his name, and Arni Oddur Thorðarson through his wholly owned holding companies, Sex álnir ehf. and 12 Fet ehf.

“We welcome the decision of the Annual General Meeting, which we believe is a successful outcome for all shareholders. This marks an important milestone in the history of Eyrir Invest. On behalf of the Board, I would like to thank our shareholders and partners for their valuable cooperation in recent years, and look forward to following the company’s future journey,” says Fridrik Johannsson, Chairman of Eyrir Invest.
The consideration for the capital reduction is in the form of shares in JBT Marel Corporation and Fræ Capital hf., proportional to the shareholders’ shareholding. The company will distribute 3,032,714 shares in JBT Marel to its shareholders, and following the settlement, it will hold 284,948 shares, corresponding to a 0.55% stake in JBT Marel. In January, Eyrir Invest repaid all its obligations to its lenders and is debt-free Eyrir Invest established the company Fræ Capital for the purpose of taking over its venture operations and simplifying the settlement process with its shareholders. Fræ Capital now holds stakes in unlisted companies and funds that were previously owned by Eyrir. Fræ Capital is well funded and in a strong position for the future.

Eyrir Invest was the principal shareholder in Marel from 2005 and played a significant role in the company’s growth and development. In the past two decades, Marel’s revenue increased from €129 million to over €1.7 billion, and the number of employees grew from 800 to over 7,000 across more than 30 countries. During this period, Marel’s shareholder return was comparable to the best-performing US and European stock indices. The merger of Marel and JBT was in line with Eyrir Invest’s long-term vision for Marel’s growth and development. The combined company, JBT Marel, is a leading global provider of equipment, integrated technologies, and services for the food and beverage industry.
The Board of Eyrir Invest was re-elected at the Annual General Meeting, but following the settlement with departing shareholders, a shareholders’ meeting where a new Board will take over.