Strong foundations
that create
exceptional
results
A Norwegian investment company creating measurable value through active ownership — upgrading operations, expanding into new markets, and integrating ESG across our portfolio.
Explore our portfolio →We don't manage investments.
We build businesses.
Built to Last
We have no fund clock ticking in the background. No pressure to sell. No artificial exit timeline. When we acquire a business, we're thinking in decades — staying as long as our involvement creates genuine value for the company, its people, and its customers.
Hands-On by Design
Our team has run factories, managed turnarounds, and led businesses through crises. We bring that experience directly into every portfolio company — working alongside management to improve operations, enter new markets, and solve hard problems. Value creation at Pangea comes from doing the work, not restructuring the balance sheet.
Responsible at the Core
Sustainability isn't a reporting requirement for us — it's how we run better businesses. Across our portfolio, we work to reduce environmental impact, strengthen governance, and ensure the communities around our companies benefit from their growth. Good business and responsible business are the same thing.
Businesses we
believe in
InfrastructureSustainable property restoration that cuts cost and CO₂ versus rebuilds.
In Europe, 75% of buildings are energy-inefficient, creating strong demand for sustainable restoration instead of demolition.
Emergency remediation after fire, water, smoke and mold damage. A Nordic network ensures rapid, large-scale response — helping clients avoid 60–80% of replacement costs.
Reduces CO₂ by ~52,000 tons annually vs. rebuilds, supporting Europe's transition toward a circular economy.
Food & PharmaSustainable salmon processing across fresh, smoked and frozen formats.
Rising global demand for responsible protein. Milarex delivers sustainable, traceable salmon — expanding into North America through the acquisition of ULTCO.
50,000 m² facility in Poland. 69% conversion rate — well above industry average. 97%+ certified sustainable sourcing with full traceability.
Reduces waste, secures long-term supply, and positions Milarex as a reliable partner in the global food system transition.
Multi-material industrial center — thermoplastics, composites, steel and electrical.
Industrial and maritime clients require critical infrastructure components meeting demanding safety, durability and efficiency standards.
Thermoplastics, composites, steel structures and electrical systems — multi-material expertise under one roof with 50+ years of industrial knowledge.
Supports energy and industrial resilience across Norway, providing critical components that extend asset life and reduce operational risk.
Food & PharmaProcess equipment for food, dairy and pharma — higher yields, less energy.
Global protein consumption is expected to grow 50%+ by 2050, requiring more efficient processing for dairy, plant-based and alternative proteins.
A full range of drying, evaporation, mixing and filtration technologies. Proprietary turnkey engineering delivering higher yields and lower energy use.
Helps producers increase yields, reduce energy use and ensure compliance — advancing sustainable production practices globally.
Public SafetyAdvanced UAS for defense, border control and emergency response.
Defense agencies need continuous aerial surveillance at lower cost. NATO members are increasing budgets by €650B+, accelerating drone demand.
Long-endurance fixed-wing drones, VTOL platforms, ground control stations and secure mission software for persistent, cost-efficient surveillance.
Enhances defense readiness, accelerates emergency response and improves security for governmental and civil agencies across NATO.
25+ years building
exceptional companies
Karstein Norlund
CEO
10+ years as CFO, board member and chair. M&A, turnarounds, negotiations. NHH finance, BI MBA.
Peter N. Keilen
CCO
20+ years strategic marketing and commercial growth.
Kai Andre Stæger-Holst
CFO
CFO, General Manager and Investment Director. M&A expert.
Åge Landro
Industrial Advisor
20+ years as CEO and Chairman across PE-backed and listed companies.
Dr. Giorgio Sernicola
Head of Strategy
PhD-level analytics leader in market sizing, forecasting and data-driven growth strategies.
Jørgen Espeland
CTO
Technology leader in digital transformation, system integration and operational delivery.
Morten Lind
Group Legal Counsel
M&A and capital markets specialist from a leading Oslo law firm. Aquaculture expertise.
Thomas Landmark
Group Controller
State-authorised auditor. Real estate group accounting.
Well-positioned with
industry experts
Jon Ola Stokke
Senior Advisor — Industrial Operations
Chairman of Board of Directors of Recover. Owner of Stokkaasen AS and former Group CEO of Garda Sikring. Executive with deep expertise in scaling operations, M&A and leading large organizations across Norway.
Tor Magne Lønnum
Senior Advisor — Finance
Deputy Board member of Recover. CFO of Statkraft and former CEO and CFO of Kverva AS. Finance executive across energy, industrial and financial services, with board-level governance experience at Gjensidige and TGS.
Atle Eide
Senior Advisor — Aquaculture
Chairman of the board of directors of Milarex. Investor and board leader with deep expertise in seafood and aquaculture across 20+ companies globally.
Ørjan Svanevik
Senior Advisor — M&A & Industry
Board Member of Milarex and Industrial Advisor to Pangea. Director at Seatankers, with a track record of multiple IPOs and cross-border transactions. Executive and board leader with 30+ years across M&A, shipping, aquaculture and energy.
Gudleiv Bjørklund
Principal Owner & Strategic Advisor
Founder and sole owner of Invex Group AS — Pangea's principal shareholder. Gudleiv brings a long-term industrial ownership philosophy built on active engagement, operational involvement and value creation across a portfolio of 20+ companies. His evergreen approach to ownership forms the foundation of Pangea's investment model.
Where we invest
and why it matters
We are always open to
the right conversation
Pangea takes a long-term, industrial approach to ownership — without the exit pressure of a traditional fund structure. We are selectively open to acquiring businesses where our operational expertise and network create genuine value. All enquiries are handled with full discretion.
Industrial focus
Infrastructure, food & pharma, and public safety. An active ownership model that goes beyond capital.
Established businesses
NOK 50m+ revenues. Turnarounds, carve-outs, and succession situations welcome.
Evergreen ownership
No fund lifecycle, no forced exits. Patient, hands-on ownership for as long as it creates value.