Norway-based seafood and aquaculture investors Broodstock Capital Partners have raised NOK 200 million (EUR 20.4 million) for their second dedicated investment fund.
“A large number of investors contacted us after we set up our first fund just over a year ago,” Kjetil Haga, partner at Broodstock Capital, was quoted as saying. “The investors in the new fund are a few selected professional family offices with strong interest and good insight into the seafood industry.”
The fund’s EUR 20 million resembles its first fund, and like the first it’ll stick to “small and medium- sized businesses”. It is understood that the new fund will co-invest with the existing fund dominated by serial investor Ferd Holding (pre-tax earnings of EUR 236 million in 2016).
The first co-investment between the two funds was made in December when Broodstock Capital acquired 52 percent of the shares in Maritech Systems, a company that provides software and digital solutions to the seafood industry.
“The new set-up reinforces our strategy of investing in market leaders within growth niches in the seafood industry. In addition, the businesses must have a sustained competitive edge and solid management team,” stated Simen L. Bjørnstad, partner at Broodstock.
Bjørnstad added that “active ownership” will be a key part of Broodstock’s investments, and the company will seek to own and develop businesses alongside existing management and ownership.
“We have available funds and a strong deal flow,” a statement said. “The key is to identify companies that truly possess a sustained competitive advantage and thus have the highest growth potential. We have identified several companies in this category, both in Norway and internationally.”