Hampiðjan has grown significantly in the past decade and revenues have multiplied in the period through acquisitions and internal growth. The company acquired Mørenot Group in December 2022 and is utilizing capital raised through a public offering to reorganize Mørenot's debts and finance further development in production facilities to capitalize on synergy opportunities. The company's competitive advantage stems from proprietary technology, extensive global distribution, and continuous product innovation in specialized maritime markets.
Cyborg Score Rationale
Hampiðjan demonstrates strong fundamentals with market leadership in specialized fishing and marine equipment, significant scale (2,000 employees, 29 countries), and strategic growth through acquisitions. The company's profitability is solid with EBITDA margins projected at 13.5-14.5%, and management is executing a clear synergy-driven strategy post-Mørenot acquisition.
Top Insights
In June 2023, Hampiðjan raised ISK 10.9 billion (USD 80 million) in a public share offering to support the Mørenot acquisition.
2023 revenues following Mørenot acquisition were expected to reach EUR 320-340 million with EBITDA margin of 13.5-14.5%, with projections of EUR 420-440 million by 2027 with 16.5-17.5% EBITDA margin as synergies are realized.
Core production is based in Lithuania where threads, knotted nets, and braided super ropes are manufactured, along with fully equipped fishing gear and fish farming cages.
The company leverages its proprietary DynIce brand materials to deliver powerful and reliable alternatives to traditional steel wire across demanding applications, from deep-sea mooring to high-performance yachting.
Named Competitors
Fishing Nets and Trawl Equipment — European fishing equipment manufacturer
Marine Ropes and Offshore Equipment — Synthetic rope solutions provider
Aquaculture and Fishing Gear — Fish farming and fishing equipment systems
Recent Developments
(October 2024) Hampiðjan Iceland merged with Mørenot Iceland subsidiary to streamline operations and expand product offerings
(June 2023) Successfully listed on Nasdaq Iceland Main Market following public share offering of ISK 10.9 billion
(December 2022) Completed acquisition of Norwegian company Mørenot Group to expand geographic reach and product portfolio
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