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Kuldeteknisk and FrioNordica to merge – New strong group for refrigeration in hot seafood market

Kuldeteknisk and FrioNordica to merge – New strong group for refrigeration in hot seafood market

August 2018: Perfect Temperature Group AS (PTG) has entered into an agreement to acquire Norway’s FrioNordica company and is combining ownership of this company and Kuldeteknisk in a new group.
A leading manufacturer of refrigeration systems, FrioNordica has its head office and production facilities at Malmefjorden north of Molde, with a branch in Grimstad and a subsidiary in Chile.
Tromsø-based Kuldeteknisk is the leading service company for refrigeration installations in northern Norway, and ranks as a substantial provider of refrigeration and freezing solutions for land-based industry and the maritime sector.

“Collectively, FrioNordica and Kuldeteknisk offer a complete product portfolio tailored to a constantly growing international seafood market,” comments partner Anders Høifødt in Nord Kapitalforvaltning, which is the principal shareholder in PTG.

“With FrioNordica, we are acquiring a clearer presence in western Norway and will strengthen our position internationally. We’re also building a leading development team able to create tomorrow’s solutions for the seafood industry.”

Environment-friendly and efficient

PTG already owns Kuldeteknisk, one of Norway’s largest refrigeration contractors. Earlier this year, PTG also became part-owner of Kjøleservice Helgeland AS and established Kuldeteknisk Vest AS in Bergen.

“The world’s population is growing, and the need for healthy protein is driving an ever-hotter seafood market,” observes Høifødt. “That creates a growing demand for efficient refrigeration and freezing solutions both on land and at sea. Together with FrioNordica, we’ll be a complete and independent supplier with a focus on environment-friendly solutions.”   

Kuldeteknisk is known for its innovative SeaCool refrigerated seawater (RSW) facility and SuperFreeze solution. With Frionordica’s RSW units up to 2 500 kW, heat pumps and Finsam ice systems, PTG covers a complete range of refrigeration, freezing and heat-pump products.

International demand and complete value chain

“FrioNordica occupies a strong position in the seafood sector in Norway, South America and Europe, and will thereby help to strengthen the internationalisation of PTG,” says Høifødt. “We’ll have solutions for both large and small installations in these markets, as well as a big service network in Norway and abroad.

“Internationally, the coastal and ocean-going fishing fleet faces major upgrades, where refrigeration and freezing technology will be crucial for preserving fish quality. Extensive expansion is taking place in the aquaculture sector, but depends on new technological solutions for handling fish welfare, health and quality in order to build further capacity. This opens opportunities for our refrigeration and heat technology.”

Key personnel reinvesting

Some of the shareholders in FrioNordica are reinvesting and will become PTG shareholders. That includes founders Per Johansen and Per R Samuelsen.  

“We look forward to becoming part of an even large specialist environment and to contributing to further growth for PTG,” says CEO Ketil Røberg at FrioNordica.

Pareto Securities has supported the FrioNordica owners in connection with the sale of the company.

FrioNordica in brief

FrioNordica is an industrial refrigeration specialist with long experience from fishing, fish processing and aquaculture. Its head office is at Malmefjorden in western Norway, with a branch in Grimstad and a subsidiary in Chile. The company has specialised in refrigerating and heating seawater, heat pumps, ice machines and ice plants. It develops and manufactures its own solutions, and delivers to large parts of the world.

More than 500 RSW deliveries

FrioNordica’s biggest market has so far been refrigerated seawater (RSW) systems, and it has delivered about 500 such installations over the past 25 years. Their capacity has steadily increased, right up to 2 500 kW, but most deliveries have been in the 500-1 500 kW range. The company makes extensive use of ammonia (NH3), a natural refrigerant which is an ideal medium for large industrial facilities.

By comparison, Kuldeteknisk has acquired a strong position with the coastal fishing fleet and aquaculture in recent years with its CO2-based SeaCool RSW systems in the capacity range up to 600 kW. These two companies will give PTG a complete range of forward-looking RSW solutions based on the natural refrigerants NH3 and CO2.

Strong on automation

Both FrioNordica and Kuldeteknisk have highly qualified automation engineers who develop control systems for starting up, monitoring and remote monitoring of refrigeration systems and for fault-seeking with such facilities. Full digital control ensures the perfect temperature throughout the customer’s value chain.

Kuldeteknisk in brief

Kuldeteknisk is one of Norway’s largest contractors for refrigeration technology solutions. Its vision is to be a leader for sustainable temperature management, and it aims to be the most competent and dedicated Norwegian refrigeration technology specialist. The company develops and delivers installations and services which satisfy customer needs for perfect temperatures.

Nord Kapitalforvaltning in brief

Nord Kapitalforvaltning manages a private equity fund which invests in established enterprises originating in northern Norway and which have international growth potential. It manages the Nord II fund with a capital base of NOK 431 million, where state-owned Argentum and France’s Rothschild Merchant Bank are cornerstone investors.

Further information from:

Anders Høifødt

Acting CEO/partner

Perfect Temperature Group AS / Nord Kapitalforvaltning

Tel: 412 04 415

 a@nordkapital.no

 

Ketil Røberg

CEO

FrioNordica AS

Tel: 901 12 035

ketil@frionordica.com

www.frionordica.no

Martin Schjølberg

CEO

Kuldeteknisk AS

Tel: 957 64 311

ms@kuldeteknisk.no

www.kuldeteknisk.no