Icelandic private equity fund Haf Investments has acquired NP Innovation, a developer and producer of water treatment products for the aquaculture industry.
The purchase, which is still subject to regulatory approval in Iceland, adds to the investment fund’s growing portfolio in the seafood industry and blue economy businesses since its founding in February 2023. Haf Investments was recently part of a NOK 20.4 million (USD 1.8 million, EUR 1.7 million) tranche in Oslo, Norway-based Regenics, and it also purchased a 53 percent stake in Thor Landeldi, which is building a 20,000-metric-ton Atlantic salmon farm in Iceland.
NP Innovation was founded by Nils-Åke Persson in 2011. The Malmö, Sweden-based company specializes in micro-particle separation and water treatment technologies and produces disc filters, drum filters, degassers, and biofiltration solutions.
According to Haf Investments, most of NP Innovation’s sales are based on Atlantic salmon farming and are used in smolt production facilities, land-based grow-out facilities, well boats, and in sludge collection. The company’s sales in 2024 reached SEK 180 million (USD 16.9 million, EUR 16.1 million).
“This marks a significant milestone for NP and a natural next step in our growth journey,” NP Innovation CEO Michael Bäärnhielm said. “With Haf as our new majority owner, we will further strengthen our presence in key markets, continue delivering innovative solutions to our customers, and drive expansion through strategic growth initiatives.”
NP Innovations had already secured an investment from Molde, Norway-based Broodstock Capital, another major aquaculture and seafood investment fund established in 2016. Broodstock invested in Billund Aquaculture in 2017, which it then sold in 2022, and since that time, it has invested in 20 different companies.
"We’ve been investors in NP since 2018 and are very proud with the progress the team has made. Broodstock Capital will reinvest in NP and maintain a seat on the Board of Directors,” Broodstock Capital Partner Håkon Aglen Fredriksen said. “We look forward to supporting NP’s continued success alongside Haf as the company embarks on its next phase of growth."
According to Haf Investments, with its position as new majority owner, NP Innovation will be able to accelerate the expansion of its product portfolio.
“NP's track record of continuous product improvement, exceptional expertise, sharp customer focus, and innovative company culture is the key driver behind Haf's acquisition of NP,” Haf Investments CEO Kristrún Auður Viðarsdóttir said.
Viðarsdóttir said the company is excited to support NP’s future growth, which will directly impact fish health and the sustainability of water use in aquaculture operations.
“NP is an excellent fit with our investment strategy, and we see a strong opportunity to develop NP into a global leading provider of water treatment solution and services for the aquaculture industry,” Viðarsdótti said. “We look forward to working closely with other shareholders and the NP team to drive long-term success for all stakeholders.”
