London, 12 March 2025 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the acquisition of Abyss AS (“Abyss” or the “Company”), a leading specialist service vessel provider supporting the salmon farming industry in Norway and Iceland. The acquisition of Abyss represents the eighth investment by Arcus European Infrastructure Fund 3 SCSp (“AEIF3”)
Established in 2000, Abyss has grown to become the second largest provider of service vessels in the salmon farming sector, with a fleet of 30 vessels, of which 24 are dedicated service vessels and six are inspection and diving vessels. The fleet is predominantly made up of 15-metre vessels which are largely contracted under CPI-linked framework agreements, with highly predictable demand. As the fleet expands with larger, more sophisticated vessels, there is a significant value-creation opportunity through transitioning the fleet to larger service vessels, increasing the proportion of time charters, and driving margin expansion in the business.
Abyss has strong ESG characteristics, operating a sustainable fleet. All its new build vessels are hybrid, which will be standard for any future vessels procured. The underlying salmon farming industry has excellent ESG characteristics, with the highest feed conversion ratio of any commercial protein source, 90% lower CO2 emissions per kg of edible protein than beef farming, and a very attractive nutrition profile. Abyss’ service vessels maintain the condition of the salmon farms and support the health of the fish and the wider environment.
Abyss operates in a market with high barriers to entry. There has not been a new entrant since 2010, and the sector is rapidly consolidating. This presents strong M&A opportunities, with Abyss having acquired two businesses in the last three years and currently progressing pipeline opportunities. This market consolidation approach fits well within Arcus’ active asset management strategy and offers a clear route for delivering further value.
Michael Allen, Partner and Head of Transport at Arcus, commented: “After researching the aquaculture service vessels sector over a number of years, it was clear that Abyss was a strong fit for AEIF3’s investment strategy. Abyss is a significant market player with an excellent track record, robust underlying growth trends and solid infrastructure characteristics. The Abyss management team, with Victor Jensen at the helm, is exceptionally strong and has already delivered on a significant growth strategy. We look forward to working with Victor and the management team to unlock the next phase of growth on this company’s dynamic trajectory.”
Victor Jensen, Founder and CEO of Abyss, commented: “I am delighted that Arcus recognises the strength of the Abyss business, and the trust they have shown in our strategy and growth prospects. Together we can continue to build on our excellent track record and develop into one of the world`s leading aquaculture service vessel companies. This is a landmark transaction for the company, enabling us to achieve our ambitious goals for the company in the years to come”.
The transaction is expected to complete later this month.
Arcus was advised by Wiersholm (Legal), Cardo (Commercial), A&M (Financial, Tax, Structuring), Arup (Technical and ESG), SEB (M&A) and Lockton (Insurance).
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and currently manages €9.1bn of assets (as at 31 December 2024). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com
About Abyss Group AS
Abyss Group AS is an aquaculture service company providing a broad range of services to some of the world’s largest salmon farmers. Abyss has a fleet of 30 vessels, consisting of multi-purpose service vessels, net cleaners and inspection & preparedness vessels. The Company is headquartered in Kristiansund, Norway with five operational bases along the Norwegian coast and operations in Norway and Iceland.
For media enquiries
Harriet.saywell-lee@arcusip.com
+44 20 7832 3433
