Scanbio Marine Group Announces CEO Transition

TRONDHEIM, Norway, Feb. 3, 2015 /PRNewswire/ -- Scanbio Marine Group SA, a leading producer of hydrolyzed fish proteins and fish oils, announced today that the Company's Chief Executive Officer Andreas Kvame will step down from his role at the end of May 2015 to take over the position as CEO of Grieg Seafood.  He will continue as a member of the Company's Board of Directors.  The Company has commenced a search to identify a new CEO and will make an announcement about Mr. Kvame's successor in due course.

David Buckeridge, Chairman of Scanbio Marine Group, said, "The Scanbio business has been through a transformation since Andreas joined us two years ago.  He has made a major contribution executing our new strategy, which will result in the launch of the Company's new specialty feed ingredient, Scanbio Digest, further enhancements to the services the Company provides to salmon farmers in the collection of K2 and K3 raw materials and the Company's international expansion.  We thank him for his excellent leadership and wish him every success in his new role.  We are pleased that he will continue to have input to the business as a non-executive Director."

Andreas Kvame commented, "Scanbio is now well positioned for significant growth and 2015 promises to be a very exciting year for the company.  I have enjoyed my time at Scanbio immensely and I am looking forward to my new challenge."

About Scanbio Marine Group AS

Scanbio was established in 1984 in Bjugn, Norway and is a portfolio company of Paine & Partners, LLC.  The company specializes in the production hydrolyzed fish proteins and fish oils. Scanbio has three production plants in Norway and sales operations in Scotland.

About Paine & Partners

Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs. Paine & Partners engages exclusively in friendly transactions developed in cooperation with a company's management, board of directors and shareholders. The firm currently makes investments through Paine & Partners Capital Fund IV, L. P. and related entities.

Paine & Partners focuses on the food and agribusiness industry globally, and its principals, through a predecessor fund, have made successful strategic investments in Seminis, then the world's leading global developer, producer and marketer of vegetable and fruit seeds; and Advanta Netherlands Holdings BV, at the time, the largest independent agronomic seed company in the world. Paine & Partners also invested in Icicle Seafoods, a leading producer, harvester and processer of salmon, pollock, halibut, cod, crab and other seafood products with operations in North and South America and sales globally. Paine & Partners' most recent investments include Sunrise Growers~Frozsun Foods, a leading value-added frozen fruit processor and marketer; Eurodrip, a global manufacturer and supplier of drip irrigation solutions; Verdesian Life Sciences, LLC, a U.S.-based plant health and nutrition investment platform; Scanbio Marine Group, a leading Norwegian producer of fish protein concentrate, fish meal, and fish oil; and Costa Group, Australia's largest integrated grower, packer and marketer of fresh fruits and vegetables. The complex investment opportunities in today's rapidly evolving agribusiness environment play to the strengths of Paine & Partners' differentiated approach. For further information, see www.painepartners.com.

Contacts:

For Scanbio:
Andy Brimmer / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

David Buckeridge
Paine & Partners
+1 212-379-7200

SOURCE Scanbio Marine Group AS