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FiiZK divests FiiZK Digital


The FiiZK group, whose largest shareholders are Nekkar ASA and Bewi Invest, has entered into an agreement to sell FiiZK Digital AS to seafood investor Bluefront.

The sale is part of a streamlining of FiiZK, which will now focus on unconventional farming methods including closed and semi-closed cages for fish farming.

Through a joint investment in August last year, Bewi Invest (41%) and Nekkar (39%) became the largest shareholders in seafood industry supplier FiiZK. Since then, the owners have completed a successful restructuring of the FiiZK group and initiated a strategy process that has resulted in a plan for a more focused FiiZK.

“FiiZK wants to maintain our leading position in what we do, which means that we have to focus both our efforts and our resources, says Jan Erik Kvingedal, managing director of FiiZK.

Closed and semi-closed cages

In the future, FiiZK will focus on the sale of closed and semi-closed fish cages, with associated software, maintenance and services. To date, FiiZK has delivered more than 20 cages and completed more than 70 production cycles, demonstrating strong fish growth and no problems with lice and escapes. A key part of this effort is FiiZK’s new closed cage called “Protectus”, which is based on the best solutions from the company’s three previous models, “Certus”, “Ecomerden” and “Starfish”. In addition, the company has recently launched “FiiZK FlekZii Cage», which is a semi-closed cage solution that reduces lice infestation.

FiiZK maintains its portfolio of technical textiles, such as lice skirts and treatment tarps, segments in which the company has a market-leading position in Norway.

Moreover, FiiZK has access to Nekkar’s expertise in engineering, electrification, automation and digitization to further develop cage system technologies for the aquaculture industry.

Divestment of FiiZK Digital

As part of the streamlining of FiiZK, the opportunity arose to sell FiiZK Digital AS to seafood investor Bluefront, which has acquired several specialized software companies in the seafood value chain in recent years.

FiiZK Digital provides digital solutions enabling fish farmers to conduct strategic production planning by optimizing biological and financial conditions. This solution has no direct link to FiiZK’s focus on closed or semi-closed cages.

“This transaction is therefore a good fit for FiiZK, Bluefront, and the FiiZK Digital team,” says Ole Falk Hansen, chairman of FiiZK and CEO of Nekkar ASA.

The transaction

Bluefront’s second fund, Bluefront Capital II, is acquiring 100 percent of the shares in FiiZK Digital from FiiZK Topco AS, the holding company of the FiiZK Group. The parties have agreed not to disclose the financial details of the transaction.

“The sale of FiiZK Digital strengthens FiiZK’s balance sheet and frees up resources that can be used to develop the company’s core business,” adds Ole Falk Hansen.

Upon completion of the transaction, FiiZK Digital will initiate a process to rename the company.