Toftir, Faroe Islands-based Sea Farm Innovations (SFI) has received an investment from Oslo, Norway-headquartered private investment firm Hawk Seafood.
SFI was founded in 2016 by Eyðbjørn Hansen and Gunnar Johildarson to develop innovative mechanical solutions for the aquaculture industry. Its SFI System is “a gentle and highly effective delousing solution with focus on fish welfare, ease of operation, high capacity, coupled with low physical footprint,” according to the company.
The system, introduced to the market in 2019, has been purchased by “a range of blue-chip salmon farmers and service-boat suppliers in Norway, Canada, Chile, Faroe Islands, and Scotland,” according to the company, which said it has sold DKK 90 million (USD 12.8 million, EUR 12.1 million) worth of machinery in that timeframe.
“We are pleased to get Hawk Seafood as partners in SFI. Our company has had a strong development since we started in 2016, and we are now ready and able to begin on the next phase of our growth journey together with Hawk Seafood. They have a lot of experience in developing growth companies as well as a strong industry network,” Hansen said.
Hawk Seafood, backed by funds from Norwegian family offices and the investment team, focuses on investments “that can contribute to increased growth in the seafood industry in an efficient and sustainable way.” The 50.1 percent majority-share purchase was completed through the acquisition of existing shares. SFI’s founders and management team retained 49.9 percent ownership in the company.
“Our ambition is to develop a strong, innovative, and diversified solution supplier to the aquaculture industry, building from the strong success the SFI founders have had in mechanical delousing systems,” Hawk Seafood CEO and Partner Joakim Stavnes Karlsen said. “Further growth in the aquaculture industry is dependent on solving the industry’s challenges in a sustainable way, and we believe SFI is well-positioned and has unique competences to provide innovative solutions to drive the industry further. We look forward to working with the highly competent SFI team.”
Karlsen said he hopes the acquisition will enable SFI’s further growth, including “recruitments and cooperation agreements to get in place a strong organization in Norway.”
SFI also plans to move further into Chilean market, which Karlsen said the company is “experiencing an increasing interest for its solutions as increased regulation related to fish welfare is expected to drive demand going forward.”
Photo courtesy of Sea Farm Innovations
