Icelandic land-based salmon farmer Laxey has secured €47 million in fresh equity and signed a term sheet for syndicated debt financing, providing funding for the next phase of its development in Vestmannaeyjar.
The company said the equity offering was substantially oversubscribed. It had initially targeted €40 million but increased the raise following strong investor demand.
Most of the capital came from existing shareholders, although several new investors also joined the shareholder base. The latest transaction brings total equity raised since inception to approximately €200 million.
Alongside the equity raise, Laxey signed a committed term sheet for new debt facilities coordinated by DNB Carnegie. Lenders include DNB, Rabobank, Arion Bank and Eksfin. The financing is expected to close in September.
The facilities will be used to refinance existing debt and fund the next stage of the company’s expansion.
Grow out
Proceeds from the raise will be used to complete Grow-Out Section 3 and construct the first phase of Smolt Station II. The new smolt facility will initially have annual production capacity of five million smolts and has been designed for expansion to as many as 15 million fish per year.
The projects form part of Laxey’s six-phase development plan, which targets annual production of approximately 35,000 tonnes HOG of Atlantic salmon when fully built.
The company completed its first harvest in November 2025, less than three years after receiving its first eggs. It has harvested fish on a weekly basis since then and expects to produce approximately 4,000 tonnes of Atlantic salmon during 2026.
In May, Laxey’s post-smolt facility became operational, just ten months after construction began. Together with Grow-Out Section II, which is expected to receive its first smolts later this year, the facility is intended to increase production capacity while supporting sales of post-smolt fish.
Laxey employs more than 100 people in Vestmannaeyjar and has become one of the largest private-sector employers in the island community.
“This financing marks an important milestone for Laxey,” said executive chairman Lárus Ásgeirsson.
“The strongest endorsement a company can receive is when its existing shareholders choose to increase their investment.”
Chief executive Daði Pálsson said the addition of international lenders alongside the existing shareholder base positioned the company for its next stage of growth.
DNB Carnegie acted as sole global coordinator and joint bookrunner for the equity raise, while Arion Bank acted as joint bookrunner.