Seafood investor Bluefront Equity is investing in Proff Kulde AS, a supplier of refrigerant and heating solutions for the seafood industry.
‘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 developing cost-efficient and sustainable solutions with minimal environmental impact,’ said Simen Landmark, one of the Bluefront Equity partners.
Proff Kulde chose some years ago 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 this strategy. This has resulted in a broad product portfolio that consists of in-house designed, patented refrigeration and heating solutions based on CO2, with associated control systems.
Proff Kulde has, amongst other things, developed CO2-based RSW systems for fishing vessels and land-based aquaculture.
Proff Kulde’s energy efficient and environmentally friendly solutions are key reasons for why Bluefront Equity’s fund, Bluefront Capital I, has chosen to invest in the company. Bluefront Capital I is a certified sustainability fund in line with the EU’s comprehensive taxonomy guidelines, the 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,’ said Mathias Ingebrigtsen, managing director and co-founder of Proff Kulde.
Following completion, Bluefront Equity will own approximately 60% 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.
‘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,’ Simen Landmark commented.
90% of the Svolvær-based 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.
‘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 – and we want to create more jobs here in Svolvær,’ Mathias Ingebrigtsen added.