Norwegian industrial investment firm Pangea has purchased seafood processor Milarex from private-equity group Summa Equity. 

Financial terms were not disclosed.  

Norway-headquartered Milarex, established in 2016, sold a stake to Summa Equity a year later.

Announcing the sale to Pangea, Summa Equity said Milarex has “rapidly scaled into one of the most advanced players in secondary seafood processing”. 

The company, which markets smoked, fresh and frozen salmon, has a processing site in Poland.

Summa Equity said revenues at Milarex had increased five-fold under its ownership. The company had been "profitable since inception", the private-equity firm added, although it did not provide figures.

Milarex CEO Thomas Farstad, who has led the business since 2017, said: “With Summa’s support, we have built a high-performing organisation that combines technological and market-driven innovation with environmental responsibility.  

“As we enter our next chapter, we shall build on the established platform and continue to deliver value to our customers, employees, and communities.”

In a separate statement on the Milarex website, the company added: "There are no planned changes to our day-to-day operations, and the current management team will remain in place. All business contacts and service levels are unchanged."

The group has a presence in more than 30 markets worldwide and expanded into the North American market in 2021 through the acquisition of California-based seafood company Ultco. 

Ultco, headquartered in San Diego with processing in Iceland and Norway, is a seafood supplier to retail, foodservice and airline customers, as well as private-label clients in the US and Canada.  

Its range includes fresh, frozen and value-added Norwegian and Icelandic salmon, alongside trout and halibut.