Broodstock acquires 52% stake in Maritech

The remaining shares are owned by Midvest Fondene (36%), Bølgen Invest (10%), and Mette Kamsvåg, chairman of the board of Maritech (2%).

Broodstock invests in Nordic-based small and medium-sized businesses. It targets firms in high-growth niche sectors in the seafood industry and aquaculture supplies.

The equity value of Maritech is based on a multiple of a 6-7x EBITDA forecast for 2017, the private equity firm said.

Norwegian business daily Finansavisen estimated the value of Maritech at NOK 70m.

Company
Established in 2012 and headquartered in Averøy, Norway, Maritech provides support software for the seafood industry. It offers a specialised seafood trading platform used by traders, processors and fish farmers in Norway.

It also offers a cloud-based software that tracks and traces fish from farms and fisheries, from the production and distribution process through to the end consumer.

The firm has around 300 customers in Norway, and employs a staff of 60. Its largest office is in Molde, and it operates further offices in Oslo, Harstad and Tromsø. The company also has offices in Halifax, Canada, and Seattle in the US.

People
Broodstock – Kjetil Haga (partner).
Maritech – Janne T Morstøl (CEO).

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• Topics
• Expansion
• Nordics
• Support services
• Norway