Bluefront invests in cleaning robots

Seafood investor Bluefront Equity has acquired a 55% stake in Meox AS, a provider of robotic cleaning solutions for the aquaculture and maritime industries.

“Achieving an average annual growth rate of around 20% over the past five years clearly shows that the team is doing many things right,” said Simen Landmark, partner and chief investment officer at Bluefront.

“Fish farming companies in Norway and internationally have increasingly adopted Meox’s solutions in recent years. We look forward to contributing with capital and competence to further strengthen and expand the products and services that Meox offer its customers.”

Meox develops and delivers a range of proprietary underwater robotic systems that contribute to improved fish welfare and a more sustainable aquaculture environment, Bluefront said in a press release.

Cleaning and inspection

The company’s core products include specialised cleaning robots for net cleaning, as well as robotic solutions for cleaning of mooring lines and ropes, lice skirts, cage collars, vessel hulls, and land-based aquaculture facilities. In addition, Meox supplies remotely operated vehicles (ROVs) for inspection of nets, hulls, and other technical equipment. The company also offers robotic solutions for retrieval of dead fish and sludge handling.

A key component of Meox’s cleaning technology is its patented cavitation-based method, where air bubbles are pulsed into the water jet. This significantly reduces mechanical wear on the equipment that is being cleaned as the air bubbles perform most of the cleaning by effectively dislodging biofouling from nets and other surfaces.

Meox employs 11 people. The company’s HQ and manufacturing facility is located in Namsos in Trøndelag county, Norway.

Ambition to expand

“We are the market leader for provision of cleaning robots to the aquaculture industry in Chile, and our market share is growing rapidly in Norway,” said Meox managing director Kristian Kåre Hjertvik.

“A key reason for bringing Bluefront on board is to strengthen our service and aftermarket capabilities, including further expanding our capacity and footprint to provide even closer customer support. In addition, we share an ambition to expand internationally, including into Scotland and Canada.”

Bluefront acquired its 55% stake in Meox AS from Jaras Invest AS, which will remain the second-largest shareholder. The investment is made through Bluefront’s second fund, Bluefront Capital II. The parties have agreed not to disclose financial terms of the transaction.

Fish welfare

Bluefront’s Simen Landmark and Maria Færevaag will join Meox’s board of directors.

“A core part of our investment mandate is to back companies that promote sustainability through improved fish welfare and ocean health. This is exactly what Meox’s product portfolio does,” said Færevaag.

The acquisition is the third transaction between Bluefront and companies associated with Jaras Invest, which is part of Trøndelag-based JarasGruppen.

In the autumn of 2023, Bluefront-owned Seaqloud acquired the environmental monitoring software and products, including the “Guardian” product portfolio, from Meox.

And in September last year Bluefront acquired shares from Jaras Invest, via Havbruksparken Utvikling, when it became majority owner of fish health company Aqua Kompetanse AS.