Broodstock Capital invests in industrial refrigerant supplier

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Seafood investor Broodstock Capital acquires majority of shares in Therma Industri, a supplier of refrigerant and energy systems for industrial purposes, including the aquaculture industry.

In a press release on Thursday, Broodstock Capital writes that it has acquires 80 per-cent of shares in Therma Industri.

The company generated revenues of just above EUR 20 million in 2018.

“More seafood means that more refrigeration is required. That was our starting point when aiming to identify the best company within this niche. It is also spot-on considering our focus on sustainability. 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,” said Håkon Aglen Fredriksen, partner at Broodstock Capital.

The Therma group provides industrial heating and refrigerant systems to the food industry and increasingly to land-based fish farming. The company operates nationwide in Norway and offers facilities, services, overhauls, spare parts, courses and condition checks through a engineering team and a service network of mechanics.

Energy and refrigerant systems based on natural refrigerants
Therma Industri also specialises in refrigerant solutions based on natural refrigerants.

“The reason is that ammonia and Co2 are natural refrigerants with no global warming effect or negative effect on the ozone layer, which translates to significantly lower energy consumption – and thereby lower operating costs – compared to competing refrigeration technologies,” wrote Broodstock Capital.

Therma Industri, Norway’s leading supplier of refrigerant and energy systems for industrial purposes, including the aquaculture industry. PHOTO: Therma Industries

“Demand for Co2 and ammonia-based facilities is also affected by an international cooperation agreement that aims to phase out the use of synthetic refrigerants,” it added.

80 percent
Broodstock Capital acquires 80 percent of the shares in Therma Industri 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 in collaboration with Broodstock Capital.

The parties have agreed not to disclose the financial details of the transaction.

“The Therma group has demonstrated solid development over several years, so we did not have to reduce our ownership. But given that we see significant growth opportunities in the seafood industry, which is a sector that Broodstock Capital knows better than most, we believe it will be a positive for us, the employees and Therma’s customers to bring such a financially solid and knowledgeable player in as a key shareholder,” said Pål Myklebust, CEO and main owner of Eagle.

Therma Industri’s also owns subsidiary companies Karstensen Kuldeteknikk (100%), Therma Industri Stavanger (56,5%), Therma Bergen (51%) and Therma Automasjon (51%).

Major investments
“We will invest heavily in product development and facilitate increased sharing of best practice between the group’s various departments and subsidiaries. We will also consider bolt-on technology acquisitions that could further strengthen Therma’s product portfolio. Furthermore, we recognise that Therma’s solid competence within refrigeration and energy systems has great potential internationally,” added Simen Landmark, partner at Broodstock Capital.


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