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A cool deal for Broodstock

Atlantic Salmon Technology & equipment +2 more

Seafood investor Broodstock Capital has acquired 80 percent of the shares in Therma Industri – Norway’s leading supplier of refrigerant and energy systems for the aquaculture industry.

“More seafood means that more refrigeration is required. That was our starting point when aiming to identify the best company within this niche. It is also spot-on considering our focus on sustainability. The demand for more efficient and sustainable energy solutions based on natural refrigerants is growing, within industry in general and the seafood sector specifically. This entails a shift in technology that requires the niche competence and longstanding delivery expertise we have found in Therma,” says Håkon Aglen Fredriksen, partner at Broodstock Capital.

The Therma group increasingly provides industrial heating and refrigerant systems for land-based fish farms

© Therma Industri

The Therma group provides industrial heating and refrigerant systems to the food industry and others in need of greater energy performance, and increasingly to land-based fish farming. The company operates nationwide in Norway and offers facilities, services, overhauls, spare parts, courses and condition checks through a strong engineering team and a service network of approximately 40 specialist mechanics.

Therma Industri specialises in refrigerant solutions based on natural refrigerants, which is the preferred technology for industry players concerned with environmentally friendly cooling. The reason is that ammonia and CO2 are natural refrigerants with no global warming effect or negative effect on the ozone layer, which translates to significantly lower energy consumption – and thereby lower operating costs – compared to competing refrigeration technologies.

Demand for CO2 and ammonia-based facilities is also affected by an international cooperation agreement that aims to phase out the use of synthetic refrigerants.

Including employees in subsidiary companies, the Therma group has approximately 70 employees and generated revenues of just above NOK 200 million in 2018, with a profit before tax of NOK 12 million. The 2019 figures are expected to be slightly better than last year’s.

“We will invest heavily in product development and facilitate increased sharing of best practice between the group’s various departments and subsidiaries. We will also consider bolt-on technology acquisitions that could further strengthen Therma’s product portfolio. Furthermore, we recognise that Therma’s solid competence within refrigeration and energy systems has great potential internationally,” says Simen Landmark, partner at Broodstock Capital.