Longship acquired 100 percent of the Nofitech shares

Nofitech, a Trondheim, Norway-based developer of technology for the acquaculture, announced getting into an agreement for selling the compamy to the Norwegian private equity firm Longship.

Under the terms of the deal, Longship acquired 100 percent of the Nofitech shares, and then established a separate holding company giving Nofitech executives and founders Geir Lovik and John Hestad a 30 percent share.

Nofitech (Norwegian Fishfarming Technologies AS) develops user-friendly, cost effective and compact RAS (recirculating aquaculture system) solutions for the aquaculture industry. Nofitech is one of the market leaders within RAS solutions and has experienced very strong growth over the last 2 years. To accelerate further growth and internationalisation the owners of Nofitech started a process to find a strategic partner together with Impello.

Nofitech passed a turnover of NOK 84M ($10M) in 2017, has six full-time employees in the administration, as well as a project team through partners.