Bluefront Equity, a new private equity fund, was launched to invest in supplier companies that make the future seafood value chain more sustainable.
“We have a team that has built up hugely successful seafood companies and knows what it takes to succeed. Together we will identify the suppliers that have the greatest potential to industrialize and professionalize the seafood industry in a sustainable manner,” said Kjetil Haga, co-founder and partner at Bluefront Equity.
Former CEO of Mowi ASA, Alf-Helge Aarskog, makes his operational comeback in the seafood industry joining Bluefront Equity as industry adviser and board member. Aarskog has also invested in the company’s first fund. Jan Sverre Røsstad, who last year departed as long-standing executive vice president of BioMar, also becomes an industry adviser and investor in Bluefront Equity.
“It is very exciting to be able to contribute towards making a success of the first independent PE-fund that purely focuses on seafood. Cooperating with talented people is both rewarding and interesting. At the same time, I hope that my experience can prove useful. The industry is at an early stage and many challenges need to be solved through better use of technology. Bluefront can contribute towards this,” said Aarskog.
Peter Hammerich has been appointed chairman of the management company. He is a lawyer and partner at Norwegian law firm BAHR and one of Norway’s leading lawyers within the private equity sector.
Sustainability, traceability and improved quality of end-product
Bluefront Equity’s objective is to invest in small and medium-sized suppliers that make the future seafood industry more sustainable. The PE-fund wants to develop companies in cooperation with existing management and owners. The company is looking to invest in supplier companies that contribute towards increased traceability, better fish health and welfare, enhanced quality of the end-product, improved hygiene and contributes towards digitizing the seafood industry.
“COVID-19 has demonstrated how vulnerable food-producing value chains can be and we want to help strengthen the seafood value chain. We have also added some “spice” to our investment mandate through some biological exposure, which is natural given Alf Helge’s extensive and unique biological competence,” said Simen Landmark, partner and co-founder of Bluefront Equity.
Popular first fund
Kjetil Haga and Simen Landmark have earlier co-founded seafood investor Broodstock Capital. The two partners exited the company earlier this year, and Broodstock Capital is today controlled by Ferd. “We are the only independent investor that focuses solely on the seafood industry,” said Landmark.
The two partners have already raised a three-figure NOK million sum for their first fund, Bluefront Capital I AS. The Anker Familie, Klaveness Marine, the Steensland group plus industry experts such as Alf-Helge Aarskog, Jan Sverre Røsstad and Bjørn Apeland are among the investors.
“We have already conducted a so-called second closing and are quickly honing in on our first investment. However, as a result of substantial interest from investors, we will continue fundraising going forward,” said Kjetil Haga.