Norwegian private equity firm Bluefront Equity has become the largest shareholder of Trøndelag, Norway-based fish and marine health advisory firm Aqua Kompetanse.
The investment, which will see Bluefront purchase a 55 percent stake in Aqua Kompetanse, was made through Bluefront’s USD 100 million (EUR 85.8 million) second impact fund, Bluefront Capital II, which garnered investments from such firms as the European Investment Fund, Novo Holdings, and the Esmée Fairbairn Foundation in mid-August. Financial details of the transaction were not disclosed.
“Aqua Kompetanse’s vision is ‘healthy fish and clean oceans.’ This aligns perfectly with our strategy of investing in companies that make the supply chain more sustainable, accessible, and responsibly managed,” Bluefront Chief Investment Officer Simen Landmark said in a release.
Aqua Kompetanse was founded in 2000 and offers environmental auditing services, such as surveys, site-mapping applications, and assistance in applying for site licenses, as well as detailed guidance on achieving optimal fish welfare. Since its founding in 2000, it has grown to operate several branches along the Norwegian coast, including in Oslo, Arendal, Stavanger, Bergen, and more.
The firm also provides farms with technical services, such as hydrodynamic technology, which equips aquaculturists with current and wave measurements, along with modeling and prediction data.
From 2021 to 2024, the firm doubled its revenue from NOK 66 million (USD 6.6 million, EUR 5.7 million) to NOK 113 million (USD 11.3 million, EUR 9.7 million), and in 2025, it expects revenue of around NOK 130 million (USD 13.5 million, EUR 11.2 million).
Aqua Kompetanse said with Bluefront's backing it can set its sights on further expansion goals up and down the Norwegian coast.
“Proximity and knowledge are key to delivering services supporting sustainable growth in the aquaculture industry, which is why we maintain a physical presence wherever our fish-farming clients operate. Bluefront’s investment philosophy aligns well with the values on which Aqua Kompetanse is built, and their industry knowledge, network, and financial resources will help us expand further and deliver increasingly efficient services along the entire coastline,” Aqua Kompetanse Managing Director Hans Jørgen Sandnes said.
The previous main shareholder in Aqua Kompetanse, Havbruksparken Utvikling, will now own 18 percent of the company, and the remaining shares will remain primarily in the hands of the company’s founders and key employees.
Bluefront has made several investments in Norwegian seafood companies throughout 2025.
In April, the seafood sustainability-focused impact investment firm fully acquired the aquaculture arm of Trondheim, Norway-based software company Piscada, which develops software for aquaculture companies that manages, analyzes, and optimizes feeding operations, as well as a cloud-based solution for management and monitoring of other applications.
More recently, Bluefront subsidiary Seaqloud purchased Norway-based Sematek, a company that produces sensors for leak detectors in floating structures.
