Bluefront Equity invests in genetic conservation and reproduction efficiency.
Bluefront Equity
Investor Bluefront Equity has made its biggest investment ever, becoming the majority shareholder of Cryogenetics, a leading provider of technology and services for aquatic gene preservation for the aquaculture industry.
Thus, Bluefront will own approximately 80% of the shares in Cryogenetics, and Investinor and Eli Sætersmoen will own the remaining shares. This initiative will support the companies' international investments in salmon, halibut, trout, wolffish, and cod farming.
"Cryopreservation is an important support tool for breeding fish with the right characteristics. A sophisticated breeding process enables even better fish welfare and health. This is exactly what Cryogenetics helps the fish farming industry to achieve," Kjetil Haga, partner and CEO at Bluefront Equity, stated.
In addition, Otto Søberg, former CEO of Export Credit Norway, becomes the new chair of Cryogenetics, and Alf-Helge Aarskog, former CEO of Mowi and current industry advisor to Bluefront, joins the board along with Bluefront partner Kjetil Haga.
Cryogenetics freezes fish sperm for Norwegian and international fish egg producers, aquaculture companies, and administrative bodies such as the U.S. Department of Fishery and Oceans.
By freezing genetic materials from vulnerable species, such as wild Norwegian salmon, or by storing backups of valuable broodstock, we contribute to protecting the diversity of biological species.
"Freezing of salmon milt allows us to combine different year classes, optimize genetics, and secure optimal milt quality year-round. Further, cryopreservation enables the development of advanced product design for salmon egg producers and the ability to safeguard valuable genetics in case of loss of the broodstock," Eli Sætersmoen, managing director of Cryogenetics, explained.
In 2002, a research cooperation among the leading players in genetics and livestock breeding established the company. Geno, with experience in frozen bovine semen development and sale, is the current largest shareholder.
Cryogenetics has established preservation laboratories in Norway, Canada, the USA, and Chile. Its headquarters is in Hamar, Norway.
Unlike the livestock industry, where more than 90% of the raw material comes from frozen sperm, in salmon farming it only reaches 20%.
In 2024, Cryogenetics expects to generate revenue of approximately NOK 55 million, representing revenue growth of more than 20 percent compared to last year.
Regarding these expectations, Sætersmoen indicated: "We believe that advanced breeding is one of the keys to improved animal welfare, growth, and profitability for the fish farming industry. Cryopreservation is an essential support tool for advanced breeding, and we therefore envisage significant growth opportunities going forward, not only within the salmon business but also within farming of trout."
Last summer, Bluefront acquired FiiZK Digital, a firm that provides digital solutions for optimizing fish farming production planning, used within the Norwegian salmon aquaculture industry.