Bluefront Equity invests in supplier of refrigerant and heating solutions for the seafood industry, Proff Kulde AS. In addition, BioMar vice president, Jan Sverre Røsstad, becomes chairman of Proff Kulde's board of directors. Bluefront Equity partner, Simen Landmark, also joins the board of directors.
According to a press release, Bluefront Equity will own approximately 60% of Proff Kulde. The company's co-founders and management own the remaining shares. This includes managing director Mathias Ingebrigtsen, chief technology officer Morten Andre Engen, and chief financial officer, Lasse Pedersen.
Most importantly, Proff Kulde has developed CO2-based RSW solutions (refrigerated seawater). This system cools fish on board fishing vessels and in the land-based aquaculture industry.
Moreover, Landmark has clarified that the reason for the investment basically is Proff Kulde's "pace of innovation and sustainability focus is far ahead of other companies in this segment".
Besides, he added: "Proff Kulde fits perfectly with our investment mandate. We look for sustainable companies that have significant growth potential and can create everlasting improvements in the seafood value chain".
On the other side, Mathias Ingebrigtsen, managing director and co-founder of Proff Kulde confirmed this move is positive both for the company and its customers. "A continued strong commitment to innovation and product development in the coming years is a plan that is agreed between the management and Bluefront Equity," he concluded.
Bluefront Equity is the only independent Nordic private equity-fund that focuses solely on the seafood industry. The fund primarily invests in small and medium sized supplier companies that contribute towards making the seafood value chain more sustainable, including increased traceability, better fish health and welfare, enhanced quality of the end-product, and improved hygiene.
Proff Kulde was established in 2013. In 2021, the company delivered revenues of NOK 35 million, with an operating profit of NOK 4 million. This year the company expects 20-30% revenue growth. Ninety percent of Proff Kulde's revenues derive from the fishery and fish farming industries.
The headquarter in Svolvær, North Norway. Today, Proff Kulde's main geographical market is North Norway, but the company also serves customers elsewhere in the country. The company has 17 employees.