Today, he’s one of the richest men in Norway, and his empire spans shipbuilding, oil and gas, construction, and of course, seafood, including Havfisk (formerly Aker Seafoods), Norway Seafoods, Ocean Harvest and Aker Biomarine.
And even though his wealth has come primarily from his non-seafood businesses, it’s no secret in Norway that Kjell Inge Rokke’s heart lies in the fishing industry, where he got his start. One example: as a hobby, the exec has sold shrimp to dockside buyers in a vessel right off of Aker Brygge – the Oslo waterfront that gave his companies their name.
So when sources told us yesterday American is in talks with foreign investors about the potential sale and lease-back of its quota, one company leaped to the top of mind: the very company that spawned American Seafoods.
Rokke made his first fortune out of fishing, in the North Pacific waters off the coast of Alaska. His company, operating under Norway Seafoods, did well right up until the passage of the American Fisheries Act in 1998, which required that all US harvesting vessels have no more than 25 percent foreign ownership.
Upon implementation of the act, Rokke sold the company to, among other investors, private equity group Centre Partners and current American Seafoods CEO Bernt Bodal, who now controls the company.
There are some complications with purchasing a US harvesting company’s assets if Rokke wants back in, the primary one being the American Fisheries Act of 1998 – the very act, incidentally, that forced Rokke out of US waters. Attorney Malcolm McLellan, with Van Ness Feldman, said there is a precedent for a US vessel having its quota sold to a foreign owner, so it’s not out of the question. But it would by no means be easy.
However, all of the complication goes away if a US citizen – and Kjell Inge’s son Kristian Rokke happens to be a US citizen – acquires the assets.
Kristian left his post as CEO of the family’s Aker Philadephia Shipyards last week, a company he’s turned around since taking over the helm as CEO at the tender age of 27, and though he will take on a role as executive chairman at the group, he said he plans on taking a new, undisclosed role in the Aker Empire (incidentally, Icicle Seafoods CEO Amy Humphreys sits on the board of Aker Philadelphia; let your imagination run wild with how a potential roll-up of the Northwest seafood sector might look like).
If Aker is one of the secret foreign entities American is reportedly in discussions with, it stands to reason that Kristian might be just the kid to help the company transition into a new era. Even if any assets aren't purchased through him, I can see a young son fresh off a major turnaround looking for the next big challenge. I don't see Mr. Bodal stepping away from his CEO role anytime soon, but the industry at large should be looking for the next generation of executives -- maybe it's found one of them.
Comments? Contact drew.cherry@intrafish.com
Twitter: @drewcherry
