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Aquaculture Marine Electronics


PG Flow Solutions and Cflow team up

PG Flow Solutions and Cflow team up – Sande/Aalesund, Norway, 15 November 2018 – Liquid Handling and Pump Specialist PG Flow Solutions as (“PG Flow Solutions”), a portfolio company in Norvestor VI, L.P. (“Norvestor”), has acquired Cflow,  a company Specialised in handling, storage and transport of live fish. The ambition is to become a more complete solution provider to companies operating in the fishery and aquaculture industries.

Over several years, the two companies have had a close cooperation on projects where Cflow has combined its unique fish welfare competence and technology with the innovation profile and pump competence of PG Flow Solutions to develop new solutions for improved fish handling.

Cflow´s customers will immediately benefit from PG Flow Solutions’ global footprint and strong position within effective project execution and 24/7 lifecycle support services. PG Flow Solutions has supplied cargo handling systems to more than 1,500 service vessels across various segments of the offshore, maritime and fishing/aquaculture industries. The combination of Cflow and PG Flow Solutions will further strengthen the companies’ position within all the aforementioned industries.

“We have supplied pump and liquid handling systems to vessels within the aquaculture and fishing industries for more than three decades. Through the acquisition of Cflow, we are strengthening our offering within these increasingly important markets – adding first-class products and solutions that that are complementary to our own product range. PG Flow Solutions and Cflow will in combination become an improved cooperation partner for our customers and develop innovative industrial solutions for the fisheries and aquaculture industries worldwide,”_ says Steve Paulsen, CEO of PG Flow Solutions.

Cflow’s primary business areas are design, engineering and production of solutions and services for the fishing and aquaculture industries. The Company is renowned for developing innovative products that ensure improved fish welfare, with associated financial benefits for the customers. Cflow is located in Langevaag outside Aalesund, Norway, and employs 71 people. In 2017, Cflow had revenues in excess of NOK 300 million.

“Cflow has on average grown 70 percent annually over the past three years. This confirms that our customers see the economic and operational benefits of our system solutions. PG Flow Solutions will contribute with valuable competence, capacity and network to strengthen and further develop our position in a growing market,”_ says Gunnar Hoff, co-founder, chairman and head of the fisheries and aquaculture business areas in Cflow.

Cflow Fish Handling AS and Cflow’s other subsidiaries will continue to operate out of its Langevaag-based headquarters, under the Cflow brand. Cflow’s current management team will remain in the company, reporting to Steve Paulsen, CEO of PG Flow Solutions.

Following the acquisition of Cflow, Norvestor will hold 58% of the shares in PG Flow Solutions, with the remainder owned by members of the company’s board of directors and management. In 2018, the combined group will have revenues of approximately NOK 800 million and will at the time of closing have 190 employees. The parties have agreed to not disclose the financial details of the transaction.