Seafood investor, Bluefront Equity, invested in Bio Marine AS, a specialist in oxygen and lighting solutions for fish farming. Alf-Helge Aarskog will become chairperson of the company.
“A number of investors have contacted us in the past few years, but we have decided to team up with Bluefront Equity because we share both the same market view and values related to continuity and continuous development of our products and organization. In addition, they are very friendly people who focus on what matters,” said Martin Gausen, managing director of Bio Marine.
Bio Marine offers equipment and systems for environmental control in aquaculture. The company is a leading player within oxygen systems for aquaculture and offers a variety of other solutions for environmental control of pens, including monitoring and logging, lighting, pumps and lice skirts.
“Bio Marine are pioneers within oxygen diffusion and environmental control of pens and tanks, with an unwavering focus on fish welfare. We only invest in companies that contribute to a more sustainable seafood value chain, and Bio Marine fits perfectly with our investment mandate,” said Simen Landmark, partner at Bluefront Equity.
Bio Marine is Bluefront Equity’s second investment. Bluefront Equity’s first investment was in Redox, which is an ozone and oxygen specialist that develops environmentally friendly technologies which improve fish welfare and biosecurity for the aquaculture industry. Redox has collaborated over several years with Bio Marine.
Bluefront Equity will own 59% of Bio Marine following the transactions. The remaining shares are held by current shareholders, which include the company’s management. Bio Marine expects revenue growth of 40% in 2021 compared to last year.
“The demand for oxygen and oxygen competence is rapidly growing, and we expect Bio Marine to play a leading role in this development. The company fits well with Bluefront Equity’s business model, where we develop the company in partnership with current owners. The funds we inject into Bio Marine will be utilized to facilitate further growth and to develop even better products and services for the company’s customers,” said Kjetil Haga.