Liquid handling and pump specialist PG Flow Solutions has acquired Cflow, a company specialised in handling, storage and transport of live fish.
In a press release the company said that the reason behind the acquisition was to become a more complete solution provider to companies operating in the fishery and aquaculture industries.
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 (EUR 83.3 million) and will at the time of closing have 190 employees.
“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,” said Steve Paulsen, CEO of PG Flow Solutions.
“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,” added Gunnar Hoff, co-founder, chairman and head of the fisheries and aquaculture business areas in Cflow.
