Summa Equity and Longship join forces in land-based fish farming
Technological advancements have enabled aquaculture farmers to grow fish in land-based recirculating aquaculture systems (RAS). This has increasingly become the dominant technology for smolt and post-smolt production, as well as for full grow-out. Nofitech’s module-based RAS solutions allow aquaculture farmers to increase their production by bringing parts of- or the entire growth cycle onto land, providing better fish health and environmental impact, and speeding up the production cycle.
Longship Fund I invested in Nofitech in 2018 and initiated – in cooperation with management and the founders – a transformation that has allowed the company to become the leading provider of post-smolt RAS solutions.
Nofitech’s mission is to provide the most cost-efficient, environmentally-friendly, and well-performing RAS facilities. With standardized turnkey solutions and equipment, Nofitech’s RAS modules are well proven and offer high operational security. In combination with our training program, market leading automation, a revolutionary production prediction system and no-waste solutions to be launched in the near future, we are well-positioned for further growth, says Bernt Østhus, partner at Longship.
For Summa, Nofitech marks their second major investment in the aquaculture sector:
The aquaculture industry is key for solving global challenges, such as shifting to sustainable diets and increasing resource efficiency in production and consumption. Nofitech fits our thematic investment approach well and has a sustainable approach to enabling land-based aquaculture, says Martin Gjølme, partner at Summa.
As founders, John and I could not be more pleased to see what Nofitech has turned into in this short period of time. We look forward to the continued cooperation with Longship, and welcome Summa to this joint effort to further develop RAS solutions for the future, says Geir Løvik.
Over the last 3-4 years, Nofitech has developed from a small founder-led business to a mature and professional organization. Longship and Summa bring exactly the skills, experience, financial strength, and capabilities required to support us on our continued growth journey, and we are excited to have them on board, says Robert Hundstad, CEO of Nofitech.
Nofitech’s business aligns with Summa’s focus on supporting the UN Sustainable Development Goals, specifically ‘#2 Zero hunger, ‘#3 Good health & wellbeing, ‘#12 Responsible consumption and production, ‘#13 Climate action and ‘#14 Conserve and sustainably use the oceans, seas, and marine resources.
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Longship is a Norwegian private equity investor established in 2015 by an experienced team of investment professionals. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and are applying a transformational growth approach, organically and through M&A. Longship pursue a thematic approach, supporting long term sustainable businesses within Technology and Digitalization, Sustainability, Leisure and Lifestyle, and Health and Care.
The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market. Longship closed its second fund in November 2020 and has approx. NOK 3.1bn of assets under management
Nofitech was established in 2011 by the founders Geir Løvik and John Hestad. Both has long operating experience from Norwegian smolt production and more than 10 years of experience in designing RAS facilities. Their ambition was to develop the market’s most cost-effective and compact RAS solution. The first module for freshwater was delivered in 2012, and the first ModulRAS facility for operation with seawater in 2015. Through an extensive R&D program, and select add-on acquisitions, Nofitech has put itself in the forefront of the technical development made in RAS over the last few years.