Advanced Innergy (ASX:AIH) announced an expansion of its marine platform through the strategic acquisition of Imenco Aqua AS.
AIH confirmed it has signed a binding share purchase agreement to acquire 100% of the issued capital in the Norwegian-based aquaculture technology leader.'
The deal, valued at an upfront cash price of $17.7 million with an additional earn-out of up to $3 million, is designed to strengthen the company's presence in "highly regulated global aquaculture markets."
Imenco Aqua is a supplier of oxygenation, monitoring, and biomass technologies, with proprietary products "embedded in highly regulated fish welfare and environmental compliance frameworks in Norway and Chile."
The acquisition is expected to be highly beneficial for AIH’s financial profile, providing roughly 30% recurring revenue driven by a leasing model for IP-protected products.
For the 2025 financial year, Imenco Aqua reported unaudited revenue of $15 million and an underlying EBITDA of $3 million, representing an attractive purchase multiple of 5.8x.
The move "expands AIH’s marine platform and complements recent Ovun acquisition with differentiated yet complementary product portfolio."
The integration is expected to yield "cross-sell and operating synergies expected across global sales footprint through the provision of distribution opportunities for the full range of AIH products in these regions."
The acquisition is slated for completion by the end of March and is expected to be "EPS accretive from completion" and "incremental to AIH’s existing operations and current FY26 guidance."