Scana Merges with PSW Group
Norwegian equipment and service supplier Scana ASA said it is merging with Bergen-based PSW Group, a player in electrification and shore power as well as a major supplier of products and services to the offshore and maritime industries. Together, the Norwegian companies aim to create a leading global service provider for maritime's green shift.
“The entire maritime industry is in transition to more sustainable operations. Our goal is to create a partner for this green shift, both in shipping, the offshore industry, the energy industry, and the aquaculture industry,” Styrk Bekkenes, CEO of Scana, and Oddbjørn Haukøy, CEO of PSW Group, state.
“The basis for the merger is that PSW has products and services that we consider extremely exciting for the transition to a more sustainable society, and which have significant market potential both in Norway and internationally. To include this business in Scana gives us the opportunity to further develop PSW's portfolio, it provides a basis for new acquisitions, and it gives Scana a unique position in the market,” Bekkenes elaborates.
“At PSW, we believe Scana is a perfect match for us. Both companies know each other well, and Scana's new business model suits us perfectly. We are a young company that has grown rapidly thanks to innovative and good solutions that the market has embraced, and for us it is positive to be part of a total supplier for the maritime green shift that has a clear and distinct direction for the road ahead,” says Haukøy, who will join Scana’s management team.
With the merger the largest owner of PSW, the Herkules Capital investment fund, becomes a significant owner in Scana. Hercules will also be represented on the board, ensuring valuable continuity through the consolidation.
“Since Herkules bought PSW in 2014, the company has grown significantly. It has developed from being a pure oil service company to now also being a leading player in the green shift. A merger with Scana is a good industrial solution, and with stock exchange listing you get a good basis for continuing the sturdy growth,” says Morten Blix, senior partner in Herkules Capital and future board member of Scana.
The merger will take place in January 2022. The joint company will be headquartered in Bergen and will have more than 450 employees.
“Looking ahead, we believe we will see more consolidations in the market. By merging these two strong industrial names into one strong and adaptable unit, we will maintain our leading position and be an active player in the market for years to come,” Haukøy and Bekkenes say.
