Bluefront acquires 80% stake in Cryogenetics

Through its Capital II fund Bluefront will own around 80% of shares with the remainder split between co-owner, Investinor, and Cryogenetics managing director, Eli Sætersmoen. The plan is to increase investment in the farming of salmon, halibut, trout, wolffish and cod, both in Norway and internationally.

“One of the enablers for a more sustainable fish farming industry is access to fish that have genetics that make them as robust as possible at sea,” said Kjetil Haga, partner and chief executive at Bluefront Equity.

“Cryopreservation is an important support tool for breeding fish with the right characteristics. A sophisticated breeding process enables even better fish welfare and health.”

Cryogenetics specialises in freezing fish milt for Norwegian and international fish egg producers, safeguarding genetic diversity in vulnerable species like wild Norwegian salmon.

Established in 2002, the company has developed advanced cryopreservation techniques to support fish breeding, providing crucial backup for broodstock essential for food production.

At present only 20% of farmed fish is derived from frozen milt. The corresponding figure for the livestock industry is more than 90%.

“Cryopreservation is an essential support tool for advanced breeding, and we therefore envisage significant growth opportunities going forward, not only within the salmon business but also within farming of trout,” added Sætersmoen.

The undisclosed deal will help Cryogenetics deliver revenue of around NOK 55 million (€4.65 million) in 2024, equal to growth of more than 20% percent compared to last year.

Former chief executive of Export Credit Norway, Otto Søberg, will become the new chair of Cryogenetics. Former Mowi chief executive and current industry advisor to Bluefront, Alf-Helge Aarskog, also joins the board of directors along with Bluefront partner Kjetil Haga.