Satlink

Private Equity Manager (GP)

Case study

About the company

Satlink is a global leader in the development of technological solutions for the maritime sector, focusing on sustainable fishing. Its products optimise decision-making by fishing vessels and help regulators audit ethical fishing methods.

Investment rationale

• Satlink offers several different products, services and technological solutions to its customers. The company has an international presence and holds a market-leading position in a highly concentrated sector.
• The private equity manager, Ergon Capital Partners (“Ergon”), regards Satlink’s core business as a strong growth platform as it operates in a market with high barriers to entry, has a strong financial profile and low customer churn.
• Further sources of growth include an increased service offering, the possibility of enhancing its subscription model and developing a more extensive oceanography product range.

Our relationship

• Pantheon is a primary investor with Ergon and an Advisory Board member. Ergon had been tracking Satlink over several years and was ultimately attracted to it as the theme of technological disruption in a traditional market is consistent with several of their previous investments.
• As a result of the relationship between Pantheon and Ergon, PIP was offered the opportunity to co-invest alongside Ergon in this exciting company.

ESG approach

• Satlink’s products support sustainable fishing and contribute to the health of marine ecosystems:
  • The company’s smart buoy products identify and distinguish schools of fish to make fishing more accurate by reducing the capture of non-target fish.
  • Satlink’s technology helps preserve marine ecosystems by ensuring that only species with healthy stocks are fished, while the capture of vulnerable species is minimised.
  • This results in better fuel efficiency in fishing vessels, and an overall reduction in their carbon footprint.
• Satlink is an important asset to the global ocean protection movement; it has strong links to non-governmental organisations such as charities that focus on the sustainability of fishing, and dedicates significant resources to increasing awareness of ocean sustainability. The company won a United Nations Global Compact award in February 2022 for its contribution to a more sustainable fishing industry and the preservation of marine life.