LAXEY completes substantially oversubscribed EUR 47m equity raise and signs a committed term sheet to an international syndicated loan.
Strong shareholder support
LAXEY has successfully completed a EUR 47 million equity raise to support the next phase of the company’s development in Vestmannaeyjar, Iceland.
The offering was significantly oversubscribed, with strong participation from existing shareholders. The company initially targeted a raise of EUR 40 million but increased the final amount raised to EUR 47 million in response to investor demand.
The financing was supported overwhelmingly by existing shareholders, with several new investors joining the shareholder group. The strong participation reflects continued confidence in the company’s strategy, operational progress and long-term growth potential.
LAXEY has now raised approximately EUR 200 million in equity since inception, providing a strong foundation for the company´s continued development.
Backed by leading international lenders
Alongside the equity raise, LAXEY has signed a committed Term Sheet co-ordinated by DNB Carnegie, and with DNB, Rabobank and Arion Bank as Mandated Lead Arrangers and Lenders and Eksfin as Lender.
The facilities will be used to refinance existing debt facilities and fund the next phase of LAXEY’s development. It also represents an important validation of the company’s strategy, operational progress and long-term business model. Target closing of the financing is September 2026.
Less than three years after receiving its first eggs, LAXEY has secured support from both existing shareholders and leading international lenders, marking an important milestone in the company’s development.
On track to a 35,000-tonne land-based salmon farm
The proceeds will be used to complete section 3 and construct the first phase of Smolt Station II.
The new smolt station will initially have an annual production capacity of 5 million smolts and has been designed for future expansion to up to 15 million smolts per year.
Grow-Out Section 3 forms part of LAXEY’s six-phase development plan, which is designed to support annual production of approximately 35,000 tonnes of HOG Atlantic salmon when fully built out.
Based on the company’s current plans, the equity raise and syndicated financing are expected to provide the funding required for the next stage of growth. Future expansion is expected to be supported through operational cash flow and debt financing.
Delivering according to plan
LAXEY’s operational progress has continued in line with its development plan.
In November 2025, the company completed its first harvest, producing approximately 5 kg Atlantic salmon just 23 months after receiving its first eggs. Since then, salmon has been harvested on a weekly basis while maintaining strong biological performance and a high superior share. LAXEY expects to harvest approximately 4,000 tonnes of Atlantic salmon during 2026.
In May 2026, the company’s Post-Smolt Facility became operational only ten months after construction commenced. Together with grow-out Section II, which is expected to receive its first smolts this autumn, the facility will support an increase in annual production capacity and further strengthen LAXEY’s dual-revenue model through both salmon production and post-smolt sales.
Creating value in Vestmannaeyjar
LAXEY is being built in Vestmannaeyjar, where the company has created more than 100 jobs and established itself as one of the largest private sector employers in the community.
The offering was primarily supported by existing shareholders, including the company’s anchor investor, the ÓS family, which has been actively involved in the development of LAXEY since its inception and remain its largest shareholder.
“This financing marks an important milestone for LAXEY,” said Lárus Ásgeirsson, Executive Chairman of the Board.
“The strongest endorsement a company can receive is when its existing shareholders choose to increase their investment. Their continued support reflects confidence in our strategy, our team and the progress we have achieved.”
Looking ahead
In only five years, LAXEY has grown from an ambitious vision into a commercial salmon producer with weekly harvests, more than 100 employees and a clear path for future growth.
The successful completion of the equity raise and syndicated financing provides a strong and sustainable foundation for the next phase of development as the company continues building a long-term industry in Vestmannaeyjar, Iceland.
“LAXEY has a strong management team and a shareholder base with an ideal mix of local, strategic and financial investors, creating a solid foundation for continued growth. With the addition of leading international banks to LAXEY’s financing consortium, we are well positioned to continue leading the development of land-based Atlantic salmon farming as a new industry,” said Daði Pálsson, CEO of LAXEY.
DNB Carnegie acted as Sole Global Coordinator and Joint Bookrunner and Arion Bank acted as Joint Bookrunner in connection with the equity raise. MAR Advisors acted as financial advisor to LAXEY.
Main image: LAXEY grow-out facility taken around midnight on 20 June