Summa Equity has sold salmon-processing company Milarex to Norwegian industrial investment company Pangea, eight years after making its initial investment.
Summa Equity is a firm focused on investing in companies and projects with some form of societal benefit, such as companies helping solve climate change or improving patient outcomes in the medical field. The firm’s first fund, Summa Equity Fund I, invested in Milarex in 2017 as part of a SEK 4.7 billion (USD 492 million, EUR 424 million) pool spread across 10 investments in multiple companies.
“That investment launched Summa’s Sustainable Foods theme and laid the foundation for a series of impactful investments in the sector,” Summa Equity said.
With that initial investment, Summa took a 75 percent stake in Milarex by purchasing shares from Friendmall, Ltd. It later went on to acquire the remaining 25 percent stake, gaining full ownership of the company in 2020. Now, that stake is being completely sold to Pangea, a company with existing investments in the energy, robotics, and testing solutions sector.
The exact terms of the sale were not disclosed.
"There are no planned changes to our day-to-day operations, and the current management team will remain in place. All business contacts and service levels are unchanged," Milarex said in a release.
Milarex produces a range of smoked, fresh, and frozen salmon products at its facility in Poland, and according to Summa Equity, during its ownership, the company delivered steady growth.
“Revenue has increased five-fold, and the company has been profitable since inception,” Summa Equity said. “Milarex has, in this period, extended its geographical reach to serve more than 30 markets globally, including a successful entry to the U.S. market.”
Milarex CEO Thomas Farstad said the sale is just the next chapter in the company’s trajectory.
“Milarex was founded with a clear mission: to deliver healthy, affordable protein through safe and sustainable salmon processing,” he said. “With Summa’s support, we’ve built a high-performing organization that combines technological and market-driven innovation with environmental responsibility.”
Summa Equity Partner Martin Gjølme said the Milarex investment was a model for the investment firm’s goals across its equity funds, of which it currently has four.
“From the outset, the team demonstrated a clear vision and the capability to execute it,” Gjølme said. “Our partnership has been defined by shared values and a commitment to long-term impact, and we’re confident Milarex will continue to shape the future of consumer habits toward more sustainable choices.”
