Milarex specializes in value-added salmon products.
Photo: Summa Equity.
Summa Equity announced the sale of international salmon processor Milarex to Pangea, a Norwegian industrial investment company. The Swedish investment firm exits after eight years, a period in which revenues have increased fivefold, and the company has expanded its geographic reach to serve more than 30 markets globally, including a successful entry into the US market.
Profitable since its inception, Milarex was founded in 2016 by Jerzy Malek, and Summa Equity first invested in it just one year later, in 2017. According to Summa's release announcing the sale, under its ownership, the value-added salmon company has delivered steady growth and resilience, rapidly scaling into one of the most advanced players in secondary seafood processing.
That 2017 investment launched Summa's Sustainable Foods theme and laid the foundation for a series of impactful investments in the sector. Therefore, the equity firm also said that this exit represents "a major milestone" for Summa Equity's Fund I.
From there, the equity firm has expanded its mission to invest in solving global challenges in line with the United Nations Sustainable Development Goals (SDGs) through other investments, such as Fund III, with which, for example, since March last year, it has participated in STIM, the largest provider of quality products and services for fish health in the aquaculture industry.
Commenting on the divestment, Martin Gjølme, Partner at Summa, said that "Milarex represents the kind of purposeful entrepreneurship we strive to support – where sustainability, innovation, and operational excellence are embedded in the business model. From the outset, the team demonstrated a clear vision and the capability to execute it."
"Our partnership has been defined by shared values and a commitment to long-term impact, and we're confident Milarex will continue to shape the future of consumer habits toward more sustainable choices," Gjølme concluded.
"Milarex was founded with a clear mission – to deliver healthy, affordable protein through safe and sustainable salmon processing. With Summa's support, we've built a high-performing organization that combines technological and market driven innovation with environmental responsibility," said, for his part, Thomas Farstad, CEO at Milarex.
"As we enter our next chapter, we shall build on the established platform and continue to deliver value to our customers, employees, and communities," Farstad added.
Headquartered in Norway with sales offices in several markets, Milarex delivers a wide range of safe and sustainable salmon products, including smoked, fresh, and frozen products in a variety of formats.
The company has a purpose-built, state-of-the-art salmon processing plant in Poland, whose expertise has enabled it to position itself as a global leader in value-added salmon products.
Since Summa Equity bought it in 2017, Milarex has more than doubled its production volumes and headcount, increased its processing capacity, and, as mentioned, broadened both its range of seafood products and its geographic reach.
Thus, it has become one of the largest salmon processors globally and the largest independent processor of value-added Norwegian salmon. That is the platform that Pangea intends to build on.
As said above, Pangea, the company that has entered into an agreement with Summa Equity to acquire Milarex, is a Norwegian industrial investment company focused on promoting sustainable growth by collaborating with innovative companies from various sectors through strategic investments.
According to Milarex's announcement on the sale, Pangea invests in essential industries, and with an evergreen perspective. The Norwegian investment firm, for its part, explains on its website that it invests in "good companies with a mission to help them develop into great and sustainable companies."
In its statement, Milarex claimed that there are no planned changes to the salmon processing company's day-to-day operations, and the current management team will remain in place. "All business contacts and service levels are unchanged," it reads.
The latest change in Milarex's management team came to light just two weeks ago, when its Head of Sustainability and Marketing, Anders Tofte Wilhelmsen, announced in a LinkedIn post that he was stepping down from his position. Last week, we learned that he had been hired by Norwegian cod farmer Ode, which has appointed him as its new Commercial Director as it prepares for international expansion.
Subject to the fulfilment of closing conditions, including finalising financing arrangements, the transaction is expected to be completed in the fourth quarter of 2025.