Broodstock Capital increases its ownership share in Maritech to 98 %

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Seafood investor Broodstock Capital invests 98 per-cent in supplier of software and digital solutions for the seafood industry, which recently acquired 100 per-cent of Timpex.

In a press release today, Broodstock Capital writes that it has increased its ownership share in Maritech to 98 per-cent, up from the 52 per-cent the seafood investor acquired in December 2017. Maritech’s revenues have increased by approximately 140 per-cent in the meantime, through organic growth and acquisitions.

Aquaculture industry is still analogue
The selling parties are Midvest Fondene (36 per-cent) and Bølgen Invest (10 per-cent). The transaction details have not been disclosed. Mette Kamsvåg, chair of the board of directors, owns the remaining two-per-cent of Maritech.

“The aquaculture industry is still relatively analogue in its approach, but the digitalisation wave that we identified a few years ago has started to increase in size. Maritech is at the forefront of this trend and we believe the big digitalisation wave lies ahead of us,” said partner at Broodstock Capital Kjetil Haga.

Acquisition of Timpex
Broodstock Capital facilitated another technology investment a couple of weeks ago when Maritech acquired software company Timpex, which delivers software solutions to companies operating with logistics, transport and customs clearance. Its system will now be implemented in the seafood sector.

Maritech Systems

The investor added that during the past year, the two software suppliers cooperated to digitalise the interface between exporter, transporter and customs agent, and developed a portal that provides seafood players with an overview of the logistics.

“A financially solid owner such as Broodstock empowers us to drive consolidation in the sector, thereby creating added value for our customers. The acquisition of Timpex enables us to deliver tailor-made software solutions for the entire seafood value chain, from the ocean to the dinner plate. Besides the product itself, logistics and transport represent the biggest cost for the seafood industry. By combining Timpex’s logistics technology with Maritech’s seafood software, we can help our customers reduce their costs significantly,” said Maritech CEO Janne T. Morstøl.

Through the acquisition of Timpex, Maritech has become one of the biggest software companies in central Norway. Following the acquisition, the group will have more than 100 employees and total annual revenues in excess of EUR 13 million.

Potential
“The investments in both Maritech and Timpex are in line with Broodstock Capital’s strategy of investing in market leaders in growth niches of the seafood industry,” it wrote.

“The digitalisation potential in the aquaculture industry is substantial and we do not rule out making further investments within this area,” added Haga.