We aim to create the world’s leading impact seafood investor supporting companies with capital and knowledge to help grow the world’s access to sustainable seafood
Bluefront Equity is a pure play seafood private equity firm. Bluefront invests across the seafood value chain in the future of the blue economy.
Bluefront Equity has implemented disclosure requirements under Article 8 which means that we will promote products environmental and social characteristics
Bluefront will identify the materiality of the different ESG risks as part of the deal sourcing and create a strategy for evaluation as part of the investment decision
Bluefront Capital I AS promotes environmental characteristics as defined in Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation or “SFDR”).
The disclosures below are prepared in accordance with the Sustainable Finance Disclosure Regulation Article 3, 4, 5 and 10 and provide information on Bluefront Equity’s approach to ESG and sustainability in a regulatory context and details on the environmental characteristics promoted by Bluefront Capital I AS.
Redox is a leading provider of environmentally friendly disinfection and biosecurity solutions for the aquaculture industry.
Impact:
Increased use of ozone in disinfection contributes to reduction in the use of chemicals and improves bio security in the seafood value chain.
Redox has delivered systems for ozone and oxygen for more than 15 years. The company has a clear market leading position in biosecurity systems for well-boats, a market considered to be complex due to limited space, harsh environment, vibrations and importance. The company is growing rapidly within sea- and land-based farming and has developed an exciting technology focusing on NOx-reductions.
Case responsible: Kjetil Haga
Kjetil Haga (Chairman)
Finn-Tore Sylte
Aino Olaisen
Bio Marine is specializing in oxygen and light management solutions to improve fish health in aquaculture.
Impact:
Ideal oxygen conditions and light managements systems contributes to better animal welfare, increases growth and reduces mortality.
Bio Marine has specialized in dissolving oxygen in water for over 10 years. Their product portfolio is developed through research and testing over several years. The company has expanded their product offering to light management systems and more complete solutions to closed and semi-closed farming systems across different species.
Case responsible: Kjetil Haga
Jon Gausen (Chairman)
Nils Hovden
Kjetil Haga
Simen Bjørnstad Landmark
Sondre Storli
Akvasafe is an accredited inspection body delivering inspection, engineering and certification services as well as environmental surveys to salmon farmers.
Impact:
Inspection and certification in aquaculture farming systems contributes to moving the industry towards more sustainable production.
Akvasafe delivers inspections, engineering and certification services as well as environmental surveys to salmon farmers. The company also has proprietary products, such as the wavebreaker, through its fully owned subsidiary Sematek AS. Obtaining necessary certifications, licenses and environmental approvals are considered a license to operate for salmon farmers.
Case responsible: Simen Bjørnstad Landmark
Jon Knudsen (Chairman)
Ingve Karlsen
Simen Bjørnstad Landmark
Johan Kostveit
Proff Kulde is an innovative provider of natural refrigerant solutions (using CO2) primarily to the seafood industry in Norway.
Impact:
Adoption of natural refrigerants systems contributes to reduce overall GHG emissions. For food production, an efficient cooling system prolongs a product’s lifetime and increase its quality.
Proff Kulde is one of few companies producing and delivering patented products using the natural refrigerant CO2. They deliver cooler-, freezer-, and heater solutions to clients within marine and industrial markets. The company has an innovative mindset, focusing on reducing components and space requirements, while at the same time increasing efficiency.
Case responsible: Simen Bjørnstad Landmark
Jan Sverre Røsstad (Chairman)
Mathias Ingebrigtsen
Morten Engen
Simen Bjørnstad Landmark
Sondre Storli
Seacloud is an industrial and independent data aggregator, enabling data across operations and supporting decision making.
Impact:
Data aggregation enables informed decision making, which contributes to improved resource utilization, reduced emissions and increased safety and quality of operations.
Seacloud is a neutral data aggregator, where data can be viewed and analyzed in real time through a software portal. The company also delivers sensors to measure important parameters both above (e.g., weather data) and below sea level (e.g., oxygen, current, salinity, etc.). Data from Seacloud can be used in mandatory government reporting, nonfinancial reporting (ESG) and to support operations.
Case responsible: Kjetil Haga
Charles Høstlund (Chairman)
Kjetil Haga
Morten Ingebrigtsen
Jørn-Roar Pedersen
Johan Kostveit
Naviaq provides a software solution giving clients control of equipment, service orders and bigger operations.
Impact:
Complete control and status of equipment can reduce the risk of contaminating the ocean, the risk of habitat destruction and biodiversity loss, and increase the safety of employees working both onshore and offshore.
Naviaq provides a software delivering a variety of solutions to different parts of the salmon farming industry (i.e., salmon farmers, service vessels, wellboats). It gives the client full overview of the technical standard of the facility and/or the associated vessel fleet. The company also offers business systems for service vessels, including invoicing, documentation, crew calendar, etc.
Case responsible: Simen Bjørnstad Landmark
Ivar Strand (Chairman)
Ove Løfsnæs
Simen Bjørnstad Landmark
Charles Høstlund
Martin Slettvoll Munkeby
Spillfree is a software company delivering analyses and decision support tools for optimizing feeding performance.
Impact:
Supporting fish farmers with analysis and advice on optimal feeding, can reduce feed spillage, emissions and subsequently cost levels.
Spillfree Analytics is a software company delivering analyses and decision support tools for optimizing feeding performance. The company uses video and data analysis to explain the fish’s reaction to feed in different situations. This gives valuable information to the customers enabling fish farmers to reduce feeding cost, improve biological growth and reduce impact on the marine environment.
Case responsible: Simen Landmark
Olav Jamtøy (Chairman)
Arnfinn Aunsmo
Odd Strøm
Simen Bjørnstad Landmark
Johan Kostveit
Bluefront Equity is further investing in the digitization of the aquaculture industry with its investment in Spillfree Analytics AS, which assists farming companies with analyzing and improving feeding processes and growth potential.
Read More20 October 2022 — Seafood investor Bluefront Equity invests in Naviaq AS, who supplies software solutions which standardize, safeguards and streamlines workflows for fish farmers as well as service and wellboat operators.
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20 October 2022 — Seafood investor Bluefront Equity invests in Naviaq AS, who supplies software solutions which standardize, safeguards and streamlines workflows for fish farmers as well as service and wellboat operators.
“We have effectively developed a tool that provides a full overview of operations, maintenance, assets, logistics, technical data, equipment, time-use, resources, competence and environmental data. Our systems make it significantly easier for industry players to comply with NYTEK23, when the regulation takes effect on 1 January 2023, says Lisbeth Plassen, managing director of Naviaq, Lisbeth Plassen.
SalMar Farming and the service companies Frøy and AQS are among the companies who already use Naviaq’s systems. They utilize both operations and maintenance systems as well as operation management systems for service vessels.
Investing in sustainability
Bluefront Equity invests in companies with products, services, and technology that contribute towards a more sustainable value chain for seafood. This includes, among other things, digitalization and automatization of the aquaculture industry.
“Naviaq has developed a fantastic software which contributes towards making the aquaculture industry more data-driven, efficient and sustainable. We believe that the demand for their solutions will increase considerably in the future. That is why we are investing in the company,” says Simen Landmark, partner in Bluefront Equity.
Becomes majority owner
The investment is made through a combination of a share issue and purchase of shares from existing shareholders. Bluefront Equity becomes Naviaq’s largest owner with a shareholding in excess of 50 percent. The remaining shares are owned by the company’s co-founders and key employees.
“We look forward to cooperating with Bluefront to further develop Naviaq as a leading software company in the aquaculture industry, says Naviaq’s chairman Ivar Strand. Naviaq expects revenue of NOK 11 million in 2022, almost a doubling from the previous year.
Bluefront Equity’s partner Simen Landmark becomes a new board member of Naviaq. Bluefront Equity will also strengthen the board with two additional members.
International ambitions
Naviaq is headquartered in Trondheim. The company has eight employees, including management, technical support and developers. Naviaq’s main geographical market is Norway, but the company also serves customers on Iceland.
“We have spent seven years developing today’s systems, which both we and our customers are very satisfied with. Going forward we will spend more time and energy on making the
systems known in the aquaculture industry, both in Norway and internationally. That means hiring more skilled colleaguesgoing forward, says Lisbeth Plassen.
ENDS
For further information, please contact:
Iver Strand, chairman at Naviaq, tel: +47 958 70 270 Simen Landmark, partner at Bluefront Equity, tel: +47 452 24 648
About Bluefront Equity AS
Bluefront Equity is the only independent, Nordic private equity firm that focuses solely on the seafood industry. The fund invests in small and medium-sized seafood companies that can make the future seafood industry more sustainable. Bluefront Equity was established by Kjetil Haga and Simen Landmark and is headquartered in Oslo. For more information, see www.bluefrontequity.com
“Although Proff Kulde is a relatively small company, its pace of innovation and sustainability focus is far ahead of other companies in this segment. Targeted R&D efforts have for many years been key to develop cost-efficient and sustainable solutions with minimal environmental impact,” says Simen Landmark, partner at Bluefront Equity.
Several years ago, Proff Kulde chose to invest in its own technology development by improving traditional solutions that were not perfectly suited to the seafood industry.
Robustness, improved user-friendliness and increased efficiency in refrigeration and heating systems were the cornerstones of the strategy. This has resulted in a broad product portfolio that consists of in-house designed, patented refrigeration and heating solutions based on CO2, which is a natural refrigerant, with associated control systems.
Proff Kulde has, amongst other things, developed CO2-based RSW-solutions (refrigerated seawater) which are popular for cooling of fish on board fishing vessels and in the land-based aquaculture industry.
Proff Kulde’s energy efficient and environmentally friendly solutions are key reasons for why Bluefront Equity’s fund, Bluefront Capital I, invests in the company. Bluefront Capital I is a certified sustainability fund in line with the EU’s comprehensive taxonomy guidelines, a so-called Article 8 fund.
“Bringing a professional seafood and sustainability investor in as shareholder will be positive for both our customers and us. Improved access to capital will allow to further increase our pace of innovation and production capacity. 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,” says Mathias Ingebrigtsen, managing director and co-founder of Proff Kulde.
Bluefront Equity’s investment is conducted through a combination of a share issue and purchase of shares from current shareholders. The parties have agreed to not disclose the financial details of the transaction.
Following completion of all transactions, Bluefront Equity will own approximately 60 percent of Proff Kulde. The remaining shares are owned by the company’s co-founders and management, which include managing director Mathias Ingebrigtsen, chief technology officer Morten Andre Engen, and chief financial officer Lasse Pedersen.
Former executive vice president of BioMar, Jan Sverre Røsstad, becomes chairman of Proff Kulde’s board of directors. Bluefront Equity partner, Simen Landmark, also joins the board of directors.
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 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,” adds Simen Landmark.
Proff Kulde has grown steadily since the company 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 percent revenue growth.
Ninety percent of Proff Kulde’s revenues derive from the fishery and fish farming industries. The remainder is from other land-based industries that require energy efficient and environmentally friendly refrigerant solutions.
Proff Kulde is headquartered 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.
“A key reason for bringing Bluefront Equity onboard as shareholder is because there is a large untapped potential for our technology throughout Norway and the rest of Europe. An increased focus on international markets will be an important part of our strategy going forward. We want to create more jobs here in Svolvær,” adds Mathias Ingebrigtsen of Proff Kulde.
Simen Landmark, partner at Bluefront Equity, tel: +47 452 24 648
Bluefront Equity is the only independent, Nordic private equity firm that focuses solely on the seafood industry. The fund invests in small and medium-sized seafood companies that can make the future seafood industry more sustainable. Bluefront Equity was established by Kjetil Haga and Simen Landmark and is headquartered in Oslo. For more information, see www.bluefrontequity.com
Seafood is a climate-friendly source of protein that is necessary to meet the global demand for food. However, marine resources are scarce and according to the UN, more than a third of the fish stocks are being overfished. Sustainable aquaculture is crucial to feed a growing population.
Bluefront Equity invests in companies that offer products, services and technology that contribute to a more sustainable seafood value chain. This includes digitalization and automation, hygiene systems, increased quality and traceability, improved fish health and welfare, as well as innovative production methods. The fund will mainly invest in Europe with a special focus on small and medium-sized Nordic and Norwegian companies. The fund's first investment was in Redox, a technology company which develops new environmentally friendly technologies to improve fish welfare and biosecurity in the aquaculture industry.
“The seafood industry is facing major and exciting changes. The world needs proteins with a lower environmental and climate footprint, and seafood innovation can create more sustainable aquaculture with reduced greenhouse gas emissions. Bluefront represents a unique opportunity for Nysnø Climate Investments to enter an exciting industry in growth,” says Lars Hvam, Investment Manager in Nysnø Climate Investments.
Norway, and the Nordics, are at the forefront of technology development within the aquaculture industry., Nysnø invests in Bluefront to contribute towards strengthening Norway's leading position in the global value chain. At the same time, it will increase access to capital for Norwegian companies contributing to a more sustainable food system.
“Our starting point is that companies that contribute towards making the seafood industry more sustainable are also the businesses with the biggest growth potential. We see great opportunities in the entire value and have a fantastic team of advisers. We are looking forward to working closely with investors such as Nysnø to realize shared industrial and financial ambitions, says Kjetil Haga, Founding Partner at Bluefront Equity.
Bluefront Equity is the only independent private equity fund in the Nordics that focuses exclusively on the seafood industry. The founding partners Kjetil Haga and Simen Landmark have extensive industry experience, and have partnered with several industry advisors who contribute with unique industry knowledge and experience, and a wide network, in addition to investing in the fund. The team of advisors includes former Mowi CEO Alf Helge Aarskog, Jan Sverre Røsstad, Arne Trondsen and Aino Olaisen.
Nysnø invests NOK 75 million, contributing to bring the total assets under management close to half a billion NOK. Havfonn, Klaveness Marine, Clipper and T.D. Veen are among the other investors in Bluefront Capital I.
Kjetil Haga, Founding Partner in Bluefront Equity, kh@bluefrontequity.com, +47 920 86 186
Lars Hvam, Investment Manager in Nysnø Climate Investments, lars.hvam@nysnoinvest.no, +47 986 84 372
Established in 2017, Nysnø Climate Investments (Nysnø) is a Norwegian sovereign climate investor targeting companies and funds with profitable and smart solutions to climate change. With 2.4 billion NOK in assets under management, Nysnø invests in clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysnø is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries. For more information, visit www.nysnoinvest.no/en
Bluefront Equity is the only independent, Nordic private equity firm that focuses solely on the seafood industry. The fund will invest in small and medium-sized seafood companies that can make the future seafood industry more sustainable. Bluefront Equity was established by Kjetil Haga and Simen Landmark, and is headquartered in Oslo. For more information, see www.bluefrontequity.com
“We have monitored Redox for several years. It is a highly innovative company that develops technology that improves fish welfare and biosecurity in the aquaculture industry. It is a perfect match for our sustainability profile,” says Kjetil Haga, partner at Bluefront Equity.
Bluefront Equity’s first fund primarily aims to invest in supplier companies that ensure increased traceability, better fish health and welfare, enhanced quality of the end-product, improved hygiene, and contributing towards digitizing the seafood industry.
The investment is a combination of purchase of shares and a subsequent share issue. Following completion of the transactions, Bluefront Equity is the majority owner with 51.8% ownership share. Today’s owners Sirø Invest AS, Norsk Mineral AS and Helge Bullgård continue as shareholders with 29.3%, 15% and 3.9% ownership, respectively. The parties have agreed to not disclose the agreement’s financial details.
Bluefront Equity’s industry advisers and investors, former Mowi CEO Alf-Helge Aarskog and Nova Sea-owner Aino Olaisen, become new board members of Redox together with Kjetil Haga, partner at Bluefront Equity.
Redox AS was founded in 2004 and has in the past decade delivered an annual average revenue growth of 20 percent. In 2020, the company had revenues of approximately NOK 146 million with an operating profit of NOK 16 million. Redox’s headquarter is based in Averøy municipality in Møre og Romsdal county in Norway. The company also has an international office in Kolkata, India. Redox is headed by founder Helge Bullgård, while the company’s head of business development, Sigmund Røeggen, was the largest shareholder prior to Bluefront Equity’s investment.
Redox is an ozone and oxygen specialist that develops environmentally friendly technologies which improve fish welfare and biosecurity for the aquaculture industry, plus reduces chemical discharges.
“Redox has traditionally worked extensively with wellboats, but we have in recent years started to apply our technologies onshore, including for land-based fish farming, fisheries, agriculture and food processing. Together with Bluefront Equity we will be prepared to take part in the strong aquaculture industry growth wave, both in Norway and internationally. We will invest significantly in product development and further strengthen our workforce. We will offer more cost-effective technologies and products, with fish welfare and biosecurity at the centre of everything we do,” says Sigmund Røeggen, chairman and main shareholder of Redox.
Røeggen praises the company’s employees who have played a vital role in its success: “If anyone wants to experience what a 24/7 attitude is really like, please come visit Redox.”
Redox has developed an ozone system that ensures a bacteria-free production facility. Ozone is 50 percent more powerful than chlorine, but both safer and more environmentally friendly compared to chlorine and other antimicrobial agents. Ozone is therefore particularly well suited for disinfection use in the food and marine industries. Within the aquaculture industry, the ozone systems are utilised to disinfect several parts of the value chain, including land-based facilities’ water intake and equipment between different batches of fish.
Following disinfection of water and equipment, the ozone is automatically converted to oxygen and thus improves oxygen content in the water, which is positive for the environment and fish welfare. Redox has also developed a technology that supplies microbubble oxygen to further improve both water quality and fish welfare in the aquaculture industry.
The investment in Redox Kjetil Haga and Simen Landmark’s first investment through Bluefront Equity. Bluefront Equity is the only independent Nordic investor that focuses solely on the seafood industry. The fund invests in small and medium sized suppliers that make the future seafood industry more sustainable.
The fund’s total assets are now close to half a billion Norwegian kroner (NOK). This is expected to further increase towards the summer.
“The interest in the fund is very high. We have ongoing dialogue with additional large investors who are keen to invest in a more financially and environmentally sustainable seafood industry, says Simen Landmark, partner at Bluefront Equity.
Kjetil Haga, partner, tel: +47 920 86 186
Simen Landmark, partner, tel: +47 452 24 648
The two former Broodstock Capital partners, Kjetil Haga and Simen Landmark, have launched their new seafood investment fund, Bluefront Equity.
“Taking the wisdom and experience from building the world’s first Private Equity seafood service fund, Kjetil Haga and I are now ready to launch our very own seafood fund: Bluefront Equity” according to Kjetil and Simen’s new post on LinkedIn.
“Having founded and built Broodstock Capital – this is quite sad. But, at the same time, we are now been given the opportunity to pursue an ambition we have had for a long time and this is the right time to do it!”
