Herkules VI acquires PSW Group
(Oslo/Bergen, 22 May, 2014) Herkules IV has signed an agreement to acquire all shares in PSW Group, a successful oil service company delivering repairs, modification, certification and testing of subsea and drilling equipment in Norway. Herkules considers PSW Group’s current position to be very strong, with large growth potential.
PSW Group was incorporated in 2007 and has since experienced strong customer and revenue growth. In 2013 sales were approximately NOK 190 million with an EBITDA of NOK 16 million. The company is headquartered at Mongstad, Hordaland, and render services to most of the subsea companies and rig owners operating on the Norwegian Continental Shelf.
"PSW Group has over the last few years shown strong growth and built a broad customer portfolio within subsea and drilling. Combined with state-of-the-art facilities at Mongstad and the ability to deliver on demanding assignments – onshore and offshore – with high quality and short deadlines, we believe PSW Group has great potential for further growth”, says Kristian Eikre, partner at Herkules Capital.
Oddbjørn Haukøy, cofounder and CEO, says: "Over the years, PSW Group has rapidly grown into a large business, and we now have in place an excellent partner to help us grow further within the exciting business we are operating. With Herkules on the team we plan to continue this growth while taking us to the next level offering a wider portfolio of services to our existing and new customers".
The transaction includes acquisition of all shares in PSW Group AS from Dalseide & Fløysand Invest AS (50 %) and Odfjell Drilling Technology Ltd (50 %), shareholders since since 2009 and 2010, respectively. Closing of the transaction is planned to take place end-June 2014.
Kristian Eikre, partner in Herkules Capital
Telephone: +47 22 04 80 12 /+47 97 72 40 67
Oddbjørn Haukøy, CEO in PSW Group
Telephone: + 47 91 17 19 14
PSW Group is a company which delivers multidiscipline services to the oil and energy sectors, both onshore and offshore, with a strong customer base within subsea and drilling. The company is organised in the following entities: PSW Group, PSW Engineering, PSW Consultants, and PSW Solutions. The company is headquartered at the Subsea & Drilling base at Mongstad, and has additional facilities at Kokstad and Ågotnes.
Herkules is Norway's leading private equity fund, with an aggregated capital base of more than NOK 12 billion in committed capital from Norwegian and international investors. The funds invest in established companies with strong growth potential, either for organic growth or growth through acquisitions, and focuses on companies based in the Nordic countries. Herkules acquires majority ownership positions in the companies and has extensive experience in partnering with existing shareholders. Herkules has respect for the companies' history, and takes an industrial approach, focusing on long-term growth. More information can be found on www.herkules.no.