Geia Food acquires ØFAS (Østlandske Formidling AS) – Norwegian turnover expected to reach around DKK 1 billion in 2021
With its second acquisition in Norway in twelve months, Geia Food expects the turnover in Norway to reach around a billion Danish kroner in 2021. The acquisition represents another milestone in Geia Food’s ambition to become the leading food concept provider in Scandinavia.
ØFAS is a successful supplier of seafood and meat to the Norwegian retail chains and food service market. The company has seen continuous growth over the past seven years, during which turnover has risen from NOK 186 million in 2013 to forecasted NOK 570 million in 2020. The company has 13 employees and office in Moss, 60 km south of Oslo.
Claus Ravnsbo, Group CEO of Geia Food comments: “ØFAS is a fantastic company where product know-how and passion have been critical to their success. In close partnership with customers and suppliers, ØFAS has developed exciting concepts and solutions that have created true value for all parties. There is a strong set of shared values between our two organizations and with Geia Food as new owner, ØFAS will be able to continue the impressive growth as part of one of Scandinavia’s most successful companies in the food industry.”
Increased focus on the Norwegian food service industry
Since acquiring BM Food AS in January 2020, Geia Food has strengthened its position in the Norwegian food service market. In addition to the extensive sales of seafood to Norwegian retail chains, ØFAS has a clear value proposition towards the food service sector and sales to this sector can now be expanded even more in coming years.
“We want to keep improving our position in the retail market, which is where our core business lies,” Ravnsbo adds. “At the same time, we’re seeing exciting long term growth perspectives in the food service industry and therefore the acquisition of ØFAS makes good sense.”
Strengthening of Geia Food’s Norwegian operations
It has been vital for Geia Food to secure the continuity in ØFAS and therefore Managing Director of ØFAS, Atle Larsen, and Director Frode Eimot will continue as shareholders in the company.
“We are happy to welcome Atle, Frode and the complete ØFAS team to Geia Food. They will bring unique skills to our organization and in a close collaboration with our current Norwegian organization they will help us take our business to new heights.”
The completion of the acquisition is contingent on final approval from the Norwegian Competition Authority.
Contact for enquiries concerning this press release:
Claus Ravnsbo, Group CEO, Geia Food, tel. +45 29 99 18 21