Pure Salmon owner 8F buys Krüger Kaldnes

8F Asset Management, an investment firm that owns land-based salmon farmer Pure Salmon, has acquired the aquaculture division of Krüger Kaldnes from environmental services firm Veolia.

Singapore-based 8F, a private equity management firm focused on impact investing, has raised at least USD 358 million (EUR 322.6 million) to support the growth of Pure Salmon, which is in the process of constructing RAS Atlantic salmon farms in the United States, Poland, France, and Japan.

Sandefjord, Norway-based Krüger Kaldnes has a growing specialization in RAS technology, offering services including maintenance, consulting, operational support, and training. It counts among its previous clients some of the world’s largest fish-farming companies, including Lerøy and Mowi. It recently announced a partnership with SalMar to construct the world’s largest fish hatchery in Tjuin, Norway. The project, which follows Krüger Kaldnes’ development of the two largest smolt facilities in the world, Helgeland Smolt and Lerøy Sjøtroll, is valued at NOK 1.2 billion (USD 144 million, EUR 119 million).

Kent Kongsdal Rasmussen, previously the CEO of Krüger Kaldnes, will continue on in that position at the new entity.

“The new company, Pure Salmon Kaldnes RAS, will focus on what it does best: land-based fish farming,” Rasmussen said in a press release.

All of the company’s 55 employees will be extended offers to continue in their positions at the new company, and the company “is also planning a significant staff increase in several departments,” according to Pure Salmon Kaldnes RAS Director of Business Services Per Håkon Stenhaug, who previously held the position of business support manager at Krüger Kaldnes.

“Despite being sufficiently staffed at the moment, we follow a long-term strategy of hiring and developing competent professionals for future assignments,” Stenhaug said. “Our new owner will obviously make us a more attractive employer for the best talents.”

Combining Pure Salmon and Krüger Kaldnes will create a more vertically integrated specialist in RAS farming, according to 8F Founder and Pure Salmon Chairman Stephane Farouze. Pure Salmon has plans to build a series of RAS farms around the world, each producing 10,000 to 20,000 tons of salmon annually, with a goal of growing 260,000 tons of salmon per year globally once all of its planned RAS facilities are operational. It is planning additional land-based farming projects in China, Southeast Asia, and the Middle East.   

“Our ambition with Pure Salmon is to become the largest global sustainable salmon producer. Pure Salmon Kaldnes RAS is a powerful addition to the vertical integration of our business model. With their know-how and expertise in delivering large-scale land-based facilities, we will contribute to supplying the world with nutritious, healthy, clean, traceable, and locally produced protein,” Farouze said.

Pure Salmon Kaldnes RAS “will remain an integral and active part of the Norwegian aquaculture ecosystem” and continues to be "committed to existing clients and will offer its services and expertise in the market,” according to Rasmussen.

“Norway is a global leader in aquaculture benefiting from a rich and innovative ecosystem of farmers, suppliers, academic research, and education. Therefore it is crucial for us to continue to run a large business here,” Rasmussen said. “At the same time, we become part of a fast-growing global champion that will accelerate our international development and strengthen our leading position.”

Photo courtesy of Pure Salmon Kaldnes RAS