Broodstock acquires 80% of Therma Industri

Broodstock Capital has acquired 80% of Therma Industri Photo: Broodstock Capital Broodstock Capital has acquired 80% of Therma Industri Photo: Broodstock Capital

Seafood investor Broodstock Capital has acquired four fifths of the shares in Therma Industri, the Norwegian supplier of refrigerant and energy systems for industry, including aquaculture.

Therma Industri specialises in refrigerant solutions based on natural refrigerants such as ammonia and CO2, which is the preferred technology for businesses concerned with environmentally friendly cooling.

“More seafood means that more refrigeration is required,” explained Håkon Aglen Fredriksen, partner at Broodstock Capital. “The demand for more efficient and sustainable energy solutions based on natural refrigerants is growing, within industry in general and the seafood sector specifically. This entails a shift in technology that requires the niche competence and longstanding delivery expertise we have found in Therma,” he added.

Broodstock Capital acquires the shares from privately held investment company Eagle, which has controlled the company since 1997. Eagle will continue as a significant shareholder in Therma Industri and contribute towards developing the company. The parties have agreed not to disclose the financial details of the transaction.

Therma Industri’s headquarters are based in Oslo, Norway, with regional offices in Aalesund, Fauske and Tromsø. Including employees in subsidiary companies, the Therma group has approximately 70 employees and generated revenues of just above NOK200 million in 2018, with a profit before tax of NOK12 million.

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