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Nekkar, a Norwegian industrial technology firm, and investment group Bewi Invest have sold FiiZK Digital to Bluefront Equity as part of a larger restructuring of the FiiZK group of companies.
In August 2023, Nekkar and Bewi Invest acquired 80 percent of FiiZK, with Nekkar investing NOK 50 million (USD 4.7 million, EUR 4.4 million) for a 39 percent share, and Bewi Invest, which had bought a 44 percent stake in SinkabergHansen in April 2023, investing NOK 25 million (USD 2.3 million, EUR 2.2 million) for a 41 percent share.
In September 2023, five of FiiZK's subsidiaries—FiiZK Closed Systems, FiiZK Ecomerden, FiiZK Group, FiiZK Holding, and FiiZK Operational Services—declared bankruptcy, with combined debts of EUR 41 million (USD 44 million) as part of a restructuring under FiiZK Topco to focus on unconventional farming methods like closed and semi-closed fish farming cages.
As part of this reorganization, Nekkar and Bewi Invest decided to sell FiiZK Digital, headquartered in Trondheim, Norway, with an additional office in Ålesund, Norway. FiiZK Digital has 20 employees developing and operating digital solutions to optimize production for fish farmers in Norway and internationally.
“This transaction suited all parties as FiiZK Group wanted to focus on closed and semi-closed fish cages, and Bluefront is heavily invested in suppliers of digital solutions,” FiiZK Digital Co-Founder and Managing Director Torbjørn Skjetne said in a press release. “The employees in FiiZK Digital are positive about our new owners, and we look forward to developing a streamlined digital solution provider to the seafood industry together with Bluefront.”
Terms of the transaction were not disclosed. Following the transaction, FiiZK Digital will be renamed, according to FiiZK Managing Director Jan Erik Kvingedal, who assumed his position in February 2024.
“The sale of FiiZK Digital strengthens FiiZK’s balance sheet and frees up resources for the company’s core business development,” FiiZK Chairman and Nekkar CEO Ole Falk Hansen said. FiiZK will now focus on selling closed and semi-closed fish cages, along with associated software, maintenance, and services. To date, FiiZK has delivered more than 20 cages and completed over 70 production cycles, demonstrating strong fish growth and no issues with lice and escapes. The company has also developed a new closed cage design called Protectus and launched the semi-closed FiiZK FlekZii Cage to reduce lice infestation. FiiZK will also maintain its portfolio of technical textiles, including lice skirts and treatment tarps.
Bluefront Equity, a Norwegian private equity fund founded in 2020 by Kjetil Haga and Simen Landmark, focuses on small- and medium-sized suppliers in the sustainable seafood value chain. Bluefront launched its second fund, Bluefront Capital II, in April 2024, targeting investments in companies offering services and technologies to improve ocean health, biodiversity, and animal welfare.
“This is a fantastic starting point to further develop the company,” Haga said. “We will streamline the business and contribute new equity to develop better and more holistic solutions, making fish farmers’ operations more efficient, sustainable, and profitable.” The additional equity will strengthen FiiZK Digital’s balance sheet and provide growth capital for further expansion in Norway and abroad, according to Landmark.
“Optimizing production through data-driven decision-making enables fish farmers to enhance sustainable food systems by improving efficiency, reducing mortality, and promoting better fish welfare,” Landmark added.
FiiZK Digital’s original founders, Torbjørn Skjetne and Magne Johnsen, will remain on the company’s board, joined by newly elected chairman Olav Jamtøy, chairman of Bluefront-owned Spillfree Analytics, along with Haga and Bluefront’s Johan Kostveit.
Once all transactions are completed, Bluefront will own approximately 90 percent of FiiZK Digital’s shares, with the remainder owned by Skjetne, Johnsen, and Jamtøy.
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