Kjetil Haga and Simen Landmark are launching private equity fund Bluefront Equity, aiming to invest in supplier companies that make the future seafood value chain more sustainable. They are being backed by a star team of seafood experts.
“We have a team that has built up hugely successful seafood companies and know what it takes to succeed. Together we will identify the suppliers that have the greatest potential to industrialise and professionalise the seafood industry in a sustainable manner,” said co-founder Kjetil Haga.
Former Mowi CEO Alf-Helge Aarskogis making an operational comeback to the seafood industry, joining Bluefront Equity as industry adviser and board member. He has also invested into the company’s first fund.
Jan Sverre Røsstad, who last year departed as long-standing executive VP of BioMar, one of the world’s largest fish feed producers, also becomes 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. Co-operating 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 there are many challenges that need to be solved through better use of technology. Bluefront can contribute towards this,” Alf-Helge Aarskog said.
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.
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 digitising 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 Bluefront Equity partner and co-founder Simen Landmark.
Kjetil Haga and Simen Landmark have previously co-founded seafood investor Broodstock Capital. The two partners left 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,” Simen Landmark said.
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 homing in on our first investment. However, as a result of substantial interest from investors we will continue fundraising,” Kjetil Haga said.