Scanbio Marine Group AS, manufacturer of concentrated fish protein, announced its acquisition of Norway-based Biokraft Marin, a subsidiary of Biokraft AS, but the financial terms of the deal were not revealed.

Prior to the acquisition, Biokraft Marin managed the collection of dead fish by-products from aquaculture farms in Norway. The raw materials were then processed and converted into fish oil.

After the transaction, Scanbio can gain access to two fishing vessels that travel along the Norwegian coastline as well as the opportunity to build on the good relationship that Biokraft developed with the fishers in central and northern Norway.

Andreas Kvame, CEO of Scanbio, said the addition of Biokraft allows them to boost their operational efficiency and enhance their service to the largest aquaculture companies in the world.

The deal, he said, is also "consistent with Scanbio's business model of reducing waste and converting otherwise unused by-products into valuable ingredients for both the animal feed and, now, the bio energy sectors."