Industry – July 14, 2026
First Seafood: Management-led buyout ends Insula’s decade-long ownership
Founder Andreas Sundnes, First Seafood's executive management team and a group of industrial investors have acquired the seafood company from Insula, ending the latter's ten-year ownership.
As part of the transaction, First Seafood completed a NOK 70 million (€6.3 million) capital increase to support its next phase of growth.
Insula acquired a majority stake in First Seafood in 2016, two years after the company was founded. Since then, the business has expanded into an international seafood supplier with 2025 revenue of NOK 1.8 billion (€160 million), 165 employees, production facilities in Bergen and Kongsvinger, subsidiaries in the Netherlands and Australia, and sales to customers in 49 countries.
The fresh capital will be used to develop the company's two main business areas: salmon processing and the international distribution of frozen seafood products, including whitefish and shellfish.
The new ownership group includes founder and CEO Andreas Sundnes, the operational management team and industry investors. Former Pan Fish, Mowi and SalMar executive Trine Sæther Romuld has joined the management team and is also becoming a shareholder.
"We who know the business best have chosen to invest our own money in the next phase of the company's development," Sundnes said in a statement.
The company said both its Bergen and Kongsvinger processing facilities are operating at full capacity and expects continued growth in salmon processing and international seafood distribution.
Insula CEO Sigvald Rist said the sale reflects the group's strategy of focusing on seafood production and supply for retail and foodservice markets.
"With the management as the largest owner, supported by strong industrial investors, the company has very good conditions for further development," Rist said.
