Global private equity investment firm Paine & Partners LLC has acquired Norway-based Scanbio Marine Group, a producer of fish protein concentrate, fish meal and fish oil.

"This transaction is aligned with Paine & Partners' focus on the increasing global demand for efficient and sustainable protein sources, seafood processing, and on actively managing companies' global expansion efforts," said W. Dexter Paine, III, a partner at Paine & Partners. "Scanbio's production and logistics capabilities help transport and process fish by-products that are not located near an existing fish meal plant and meet an unmet need in the marketplace. We look forward to working with...the Scanbio team to help them achieve their new product and expansion plans and to enhance the service and support the company provides to its customers and raw material suppliers, both in and outside of Norway."


The transaction is expected to close in the third quarter of 2011.  Financial terms of the transaction were not disclosed.