Seafood group Milarex sold to Norwegian investor Pangea.
Norwegian investment firm Pangea has acquired seafood processor Milarex from private-equity group Summa Equity. Financial terms of the transaction were not disclosed.
Founded in 2016 and headquartered in Norway, Milarex operates a major processing facility in Poland and supplies smoked, fresh and frozen salmon to more than 30 markets worldwide. The company entered the North American market in 2021 through the acquisition of California-based seafood supplier Ultco, which has operations in Iceland and Norway.
Summa Equity, which invested in Milarex in 2017, said the company had “rapidly scaled into one of the most advanced players in secondary seafood processing,” with revenues increasing five-fold under its ownership. Milarex has been profitable since its inception, according to Summa.
Chief executive Thomas Farstad said the company would “build on the established platform and continue to deliver value to our customers, employees, and communities.” Milarex confirmed that no changes are planned to its management or operations following the sale.
