Bluegreen
NO
BLUEGREEN GROUP | 12.05.2021

Fantastic start to the first operating year

We know from experience that two things are crucial for the success of a start-up: the right partners and ongoing solid control of the economy. That is why we have hired Erik Ritch-Reinfjord from BDO as our CFO. We have a fantastic first quarter behind us, and are poised to turn over tens of millions in the start-up year. In this article from Finansavisen, Erik and Nils-Johan talk about the collaboration.

Bluegreen Group, led by Nils-Johan Tufte, is building a company offering solutions to sustainable fish farming, CO2 capture and environmental technology. They are careful about predicting the future, but with tens of millions NOK in turnover and a solid order backlog in their first year of operation, all the arrows are pointing in the right direction.

An important advisor

It is important to have a plan, budget and good routines from the start. - Not least, it is important to create a team with the right people, says Nils-Johan. - And one of those people is Erik Ritch-Reinfjord from BDO Vestfold and Telemark. We are lucky to have him in such a central and important role for us.

- He introduced us to the financial system Tripletex which has proven to be essential for our business. Tripletex is simple and comprehensive and gives us a good overview when we log on to the system.

Erik works as an accountant, advisor and supervisor for Bluegreen Group. - When it comes to budget and project reporting, I have both good and bad experiences from the past, says Nils-Johan. So it's nice that I can use Erik and BDO for quality checks and advice. Erik is a very good partner to discuss with, and who ensures continuous good control and helps us make good strategic decisions.

Breakthrough technology

In addition to selling its expertise in engineering, construction and installation of thermoplastic solutions, Bluegreen Technologies has a patent for a groundbreaking product: Marine Donut. It is a closed fish farm that provides premium fish with minimal environmental footprint - in a cost-effective way. The product prevents escape and contamination, and minimizes the risk of disease, algae and lice. The international market potential of Marine Donut is enormous, helped by ever new demands from the authorities for sustainable fish farming solutions.

The company has already gained a firm foothold and is working with some of the largest in the industry. The customer list includes Uponor / FishGLOBE, SalMar and Ocean GeoLoop.

- Bluegreen Group has an insane growth and speed, says Erik. It has been very fun to be part of the whole process, even in advance before the company was founded. And having tens of millions in sales in the first year sounds like a dream scenario, but it is gratifying to see that it is going so well already.

Control over the economy

With ongoing discussions on what is important, and with a guideline for how the culture should be, BDO has ensured that Bluegreen Group has had good routines from the outset.

Then it is important to have a financial system that is user-friendly and simple, also for the employees in the company. - In Tripletex, we measure the heart rate and gain control, says Nils-Johan. - The system provides good continuous measurement and monitoring. We can retrieve key parameters for interpretation and analysis. As soon as we log on to the system, we get a forecast of the liquidity in the company. And graphs! I love graphs, he laughs.

Erik in BDO says it is worthwhile to be able to gather many functions in a core system. In Tripletex, you get timekeeping and travel expenses together with salary, voucher approval and invoicing. - And with the bank integration, I can capture transactions that go outside the system.

Exciting start

Erik helps Bluegreen Group find the right parameters so that they manage their projects well. He is impressed with what Bluegreen Group has achieved in a short time.

- Nils-Johan focuses on the right things and knows how to build a business. He has a large network, knows the market well and generates trust in his product and production. There are not many who manage to achieve such good growth in such a short time, even on an international scale. It's insanely fun to watch.

- This is a very rewarding process to be part of, Erik continues. I get to learn a lot about the industry, the products and how Bluegreen Group will be the best in the world.

Erik Ritch-Reinfjord

CFO

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Phone +47 99 69 74 97