Fiizk is one of BEWI Invest’s portfolio companies. With its proprietary technical textiles, semi-closed fish cages, and digital services, Fiizk delivers innovative solutions to the aquaculture industry.
– An important key factor for us, is to deliver commercially viable solutions that customers can invest in without relying on development licences, says Skogstad.
» They share our belief that semi-closed cages, for example, are part of the future solution for the aquaculture industry
Proactive
As CFO, Skogstad oversees a company formed through multiple acquisitions and mergers. BEWI Invest currently owns around 40 % of Fiizk, which employs about 90 people across its headquarters in Trondheim and its branch offices and factories in Bergen, Ålesund, and Valsnes.
– BEWI Invest has chosen to invest heavily in Fiizk. We feel this is because they share our vision that semi-enclosed cages are a key part of the future for aquaculture, he explains, adding:
– There are clear synergies between the two companies. Both are ambitious and forward-thinking, eager to seize opportunities and willing to take risks. And with our extensive aquaculture and seafood expertise, we speak the same language.
A strong community
1,564 METRES ABOVE SEA LEVEL: Bård and his wife Wenche at the summit of Slogen in the Hjørundfjord.
– We hiked to the peak Saksa the following day (1,073 metres above sea level). It was a considerably easier hike, though the climb up Slogen had left its mark on our legs, says Bård (at the foot of Saksa, centre right). Photo: Private
Today, board members serve across BEWI Invest’s companies, contributing expertise and insight among the portfolio companies. The finance teams within the BEWI family also meet regularly to discuss common challenges and new regulatory requirements.
However, Skogstad is careful to separate daily operational work from ownership issues. Fiizk has recently emerged from a challenging period, during which focus and prioritization were crucial to the company’s survival.
– 2022 was an incredibly tough year. We faced technical challenges that led to the failure of two of our semi-closed cages, he says, noting that fortunately, this occurred before any fish were introduced.
» Having a strong backer like BEWI Invest was essential.
The salmon tax bomb
SUSTAINABILITY: – Our products contribute to more sustainable farming by reducing mortality and improving fish welfare, says Bård Skogstad about Fiizk’s semi-closed farming system. Photo: Fiizk
– The salmon tax added to our troubles, bringing new sales to a complete standstill. We started 2022 with an order backlog of NOK 150 million, but by the following year, it was zero.
Skogstad describes the subsequent period as both exhausting and demanding. Fiizk subsidiaries went bankrupt, the workforce was more than halved, and the situation weighed heavily on the entire organisation. Therefore, it was a relief when new financing was secured in 2023, allowing the company to start looking ahead again.
– It was crucial to have a firm owner like BEWI Invest behind us during this time. Many other investors might have thrown in the towel much sooner, he says.
Proven technology
Now, the focus is on rebuilding market confidence, demonstrating their financial stability, proper certifications, and high-quality products. Skogstad firmly believes they have these in place.
The company operates more semi-closed cages at customer sites than any other supplier and has an extensive track record in producing and selling, among others, lice skirts and digital solutions for economic and biological production control.
FIIZK: One of BEWI Invest’s portfolio companies. With its proprietary technical textiles, semi-closed fish cages, and digital services, the company offers innovative solutions to the aquaculture industry. Illustration: Fiizk
» I’m energized when I feel we’re getting things done at work.Fishing, but preferably not hunting Skogstad is not new to change and restructuring. Before joining Fiizk, he worked with several companies in the development and growth phases, whether through organic expansion, stock exchange listings, sales, or other means of taking the next step. – I’m energised when I feel we’re getting things done at work, achieving what we set out to do, he says. Despite his experience in restructuring, the energetic economist is less intense in his personal life. In his free time, he enjoys the woods, fields, and mountains, as well as fishing. However, when it comes to hunting, he prefers to leave the shooting to others. – I’m happy to accompany a friend on a hunt, for the company and the experience of nature. But then I prefer to be the “dog”, he laughs before heading back to his awaiting tasks.
FISHING, BUT PREFERABLY NOT HUNTING: In his spare time, Bård Skogstad enjoys the woods, fields and mountains. He also enjoys fishing. But when it comes to hunting, he prefers to leave the shooting to others. Photo: Private
This interview was conducted in February 2024.