MPI invests in Fenix

Kåre Myrvåg and Gary McNicol Kåre Myrvåg, CEO of MPI (left) and Gary McNicol, managing director of Fenix (right). Credit: MPI

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

Fenix, headquartered in Puerto Montt, Chile, provides fishnet and predator net cleaning services to multiple fish farming companies across the entire Chilean fish farming industry. Currently Fenix operates a fleet of 15 net cleaning systems. The company has approximately 70 employees. MPI has not disclosed the investment amount.

“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,” said Kåre Myrvåg, CEO of MPI, which is 72% owned by Norwegian seafood investor Broodstock Capital.

“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,” Myrvåg added.

Growth support

Gary McNicol, managing director of Fenix, said: “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.”

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 provides lifecycle services for all MPI customers in Chile.

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