Segulah IV L.P. has entered into an agreement to acquire Beerenberg Holding AS, a leading company within maintenance services for the oil and gas industry both onshore and offshore.
Beerenberg is primarily active on the Norwegian Continental Shelf and within the fields of surface treatment, fire proofing, insulation, architectural works and outfitting, access technologies, subsea insulation, decommissioning and related engineering and inspection services. The Company is headquartered in Bergen with additional presence in Stavanger, Husøy, Hammerfest, Houston (US) and Atyrau (Kazakhstan). Estimated 2012 revenue for Beerenberg is approximately NOK 1.5 bn.
The Seller in the transaction is the Norwegian private equity firm Herkules Capital and Management.
Beerenberg’s CEO Morten Walde comments: “We look forward to working with Segulah to take Beerenberg to the next level”.
After Segulah’s acquisition has been completed, Ketil Lenning (former CEO of Odfjell Drilling) will be appointed new Chairman of Beerenberg.
“Beerenberg is a leading company in an interesting niche of the growing Norwegian oil and gas market and I look forward to supporting Management in further developing the business”, says Ketil Lenning.
“We are very pleased with this transaction. We have followed Beerenberg’s development for some time and have a strong belief in the Company”, says Sebastian Ehrnrooth, Segulah Advisor AB.
The acquisition will be Segulah IV L.P.’s seventh investment. Management will reinvest and remain significant shareholders alongside Segulah IV L.P. The transaction is subject to Norwegian Competition Authority approval.
Ketil Lenning, new Chairman Beerenberg, Cell: +47 9119 08 11
Sebastian Ehrnrooth, Partner Segulah Advisor AB, Cell: +46 (0) 73 360 42 05
Morten Walde, CEO Beerenberg, Cell: +47 9323 23 12