AQUACULTURE SUPPLIER ACQUIRES WELDING COMPANY TO INCREASE PRODUCTION CAPACITY

Aquaculture supplier acquires welding company to increase production capacity. Bluefront Equity-owned Proff Kulde AS, which is a supplier of refrigerant and heating solutions to the aquaculture and fisheries industries, increases its production capacity through the acquisition of Paulsen Sveiseservice AS.

“We are through this acquisition increasing our capacity for pipe welding and assembly which are important tasks in our production and project deliveries. This means that we can produce and deliver more and faster to our customers, says Mathias Ingebrigtsen, managing director at Proff Kulde.

Paulsen Sveiseservice

Svolvær-based Proff Kulde acquires 100 percent of the shares in Paulsen Sveiseservice, which is located in Bø in Vesterålen, North Norway. The companies have agreed to not disclose the financial details of the transaction.

Welding company Paulsen Sveiseservice has five employees, including one apprentice. Everyone continues with the company. The company is led by managing director and founder Jostein Paulsen. The company had revenue of approximately NOK 5 million last year.

“We have for many years cooperated with Proff Kulde and know the company and its positive culture well. They have ambitious growth plans both in Norway and internationally. We want to be a part of this in order to create even more jobs here in Vesterålen, says Jostein Paulsen.

Paulsen underlines that Paulsen Sveiseservice will continue to serve existing customers both in Vesterålen and elsewhere.

Growth strategy

Proff Kulde has during the past year grown its workforce with approximately 40 percent and significantly increased the company’s production capacity. In addition, the company has developed and built its own R&D test facility to increase the development speed of future refrigerant and heating technologies.

Proff Kulde is currently experiencing high demand for its technologies, from fisheries, aquaculture and land-based industry. The acquisition of Paulsen Sveiseservice is partly motivated by increased customer demand from Proff Kulde’s heating and refrigerant solutions, and partly to prepare the company for further growth.

“Welding is a time-consuming task and there is a shortage of certified welders. Paulsen Sveiseservice will therefore become a fully integrated part of our production line. This provides us with valuable expertise and will enhance our project execution capacity. This makes us even more competitive, especially on larger projects,” says Mathias Ingebrigtsen.

CO2-based solutions

Proff Kulde has developed a broad portfolio of proprietary and patented refrigerant and heating solutions based on CO2, which is a natural refrigerant, with associated control systems.

Proff Kulde’s main product is CO2-based RSW-solutions (refrigerated seawater) which are popular for cooling of fish on board fishing vessels and in the land-based aquaculture industry, plus freezing facilities for fishing vessels and land-based fishing industry. Additionally, Proff Kulde supplies heat pump systems for cooling and heating of freshwater and seawater, and industrial ice machines for the production of ice for fisheries and aquaculture.

Last year, seafood investor Bluefront Equity invested to become majority owner of Proff Kulde with a 60 percent ownership share. The company’s first fund, Bluefront Capital I, primarily invests in small and medium sized supplier companies that contribute towards making the seafood value chain more sustainable, including increased traceability, better fish health and welfare, enhanced quality of the end-product, and improved hygiene.