MPI invests in Chilean aquaculture service company Fenix

News
2004

The Norwegian technology company MPI (Multi Pump Innovation) has invested in Chilean aquaculture service company Fenix Aquaculture Servicios (Fenix).

Fenix is by far the largest aquaculture service company in Chile, where the company provides net cleaning services to multiple fish farming companies, including all the major players. Currently Fenix operates a fleet of 15 net cleaning systems. The company has approximately 70 employees.

“It is normally not part of our strategy to invest in service companies. However, Fenix required capital to invest in new assets and technology in order to increase its service capacity and further improve its service offering. Given the backing of our financially solid owners, we were in a position where we could help Fenix realise its ambitions, to the benefit of the company’s customers,” said Kåre Myrvåg, CEO of MPI in a press release.

Norwegian seafood investor Broodstock Capital is the majority owner of MPI, with a 72 percent ownership share. MPI has not provided further details about the Fenix transaction.

Fenix’s headquarters is based in Puerto Montt, Chile. The company’s operations cover the entire Chilean fish farming industry, and it provides cleaning services for both fishnets and predator nets. As part of its quality and health & safety programme, the company also offers training programmes for all its operators.

“Access to competitively priced capital is often a challenge for the Chilean aquaculture service industry. In order to enable Fenix to satisfy the rapidly growing demand for automated and highly effective net cleaning services, and to be able to submit the most competitively priced offers for future tenders in Chile, it makes sense to bring new investors on board at this stage,” said Gary McNicol, managing director of Fenix.

Unrelated to Fenix, MPI has a separate, independent business unit in the country – MPI Chile. MPI Chile consists of three mechanics and a spare parts warehouse, and is dedicated to providing lifecycle services for all MPI customers in Chile.

MPI develops and manufactures net cleaning systems for the aquaculture industry has supplied more than 700 net cleaning systems worldwide.