Ikea heir Mathias Kamprad leads Cibonum Group to take majority stake in RE:OCEAN

Published on
September 12, 2023
A rendering of the RE:Ocean land-based salmon farm.

A consortium of investors organized as the Cibonum Group have acquired a majority stake in RE: Ocean, which is developing a 10,000-metric-ton land-based salmon-farm in Säffle, Sweden.

The Cibonum Group includes Ikea heir Mathias Kamprad, Brummer & Partners Founder Per Josefsson, SeaBay Capital Founder Pelle Törnberg, and Morrison Foerster Partner Per Lindberg. In a 6 September press release, the group said it “aims to promote the sustainable and local salmon farming industry in Sweden through active ownership of RE:OCEAN.”

Kamprad, with an estimated net worth of USD 1 billion (EUR 900 million), said Cibonum Group aims to “support” the company from start to finish and long-term expansion to pave the way for sustainable and healthy food.

“RE:OCEAN is a fantastic example of positive change when it comes to the environment and innovation. Local, land-based, sustainable fish farming enables more valuable protein sources at a lower cost for many people while ensuring environmentally friendly production and reduced emissions, including the emissions from transportation,” Kamprad said. “When the facility in Sweden is in full-scale production, the solution can be applied to other parts of the world so that more people get better and affordable eco-friendly food.”

Formerly known as Premium Svensk Lax, the company was rebranded in 2022 as it sought SEK 2.3 billion (USD 226 million, EUR 216.4 million) to complete the project, which calls for the construction of a 58,800-square-meter inland salmon farm housing 88 tanks of varying sizes up to 25 meters in diameter, where salmon will be raised from egg to harvest. Construction firm Ramboll completed groundwork on the farm in February 2022.

The goal is to increase Sweden’s self-sufficiency in salmon, which is currently almost entirely imported, according to Cibonum Group Chairman Anders Svensson. Cibonum Group’s ambition is for the farm to provide 20 percent of Sweden’s total salmon consumption by 2027, when it is expected to be in full production. That is a year past the originally planned date for the project’s completion.

“We will be the financial anchor for RE:OCEAN, and along with our industry expertise, we provide a solid foundation for RE:OCEAN’s expansion and its mission to innovate salmon farming in Sweden,” Svensson said. “RE:OCEAN is revolutionizing the fish industry with land-based salmon farming in Säffle that can meet 20 percent of the Swedish consumers’ demand for salmon. As owners, we have a strong collective commitment to local and sustainable production of healthy food.”

Re:Ocean has support from Sweden’s three leading grocery retailers, Axfood, Coop, and ICA, and recently announced partnerships with Göteborg, Sweden-based Magnussons Fisk and Helsinki, Finland-based Kalatukku E. Eriksson. In December 2022, the EIB, the E.U.'s climate bank, pledged a SEK 530 million (USD 50.6 million, EUR 47.6 million) venture debt investment in the company.

Photo courtesy of Re:Ocean

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