Edinburgh-based private equity house Northern Link has taken a majority stake in Paisley-based Lighthouse Scotland following approval by shareholders.
The size of the transaction was £17 million.
Northern Link bought its control position in Scotland’s third largest salmon producer after the business came close to bankruptcy last year and was forced to restructure its capital base including the closure of a processing plant in Stornoway.
Lighthouse Scotland said that operating revenues for 2008 were £51.9 million, EBITDA was £200,000. The company said that high costs, low harvest volumes and heavy debt levels had forced a financial restructuring, involving a £15 million private placement in February that saw Northern Link take 770 million shares worth approximately £7.9 million.
Source: Thomson Merger News