Norvestor to Become PG’s Largest Shareholder
Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.
The transaction is expected to close end of October 2014, subject to customary approval from the Norwegian Competition Authorities. Following the acquisition, Norvestor will become the largest shareholder in PG with about 63 % of the shares, while the remaining shares will be held by Mads Gjerdrum and Roy Norum. The company had revenues of NOK 552 million in 2013.
Roy Norum, CEO of PG, said, “Our partnership with Norvestor marks the end of an era with Per Gjerdrum stepping back after 32 years with PG. Since I joined the company in 2000, we have together been able to profitably tenfold revenues working alongside some of the most admirable customers and suppliers in the industry. I am confident that we, through Norvestor, have found the ideal way of taking PG to the next level. Our combined network, experience and competence will allow PG to thrive as we continue to develop the company.”
Per-Ola Baalerud, Partner in Norvestor Equity and chairman designate in PG , added, “After several years of investments in infrastructure and resources PG has grown both its capacity and capability within its core businesses, and we believe the company is set to capitalize on this in the coming years. PG is a reputed and well-run company with a strong customer base and product- and quality leadership within attractive segments of the maritime and offshore oil and gas markets. We are proud to have the opportunity to manage the heritage of Per Gjerdrum going forward together with Roy Norum, Mads Gjerdrum and the rest of their team.”
PG, a provider of offshore oil and gas pump systems and solutions with a global presence within flow systems for offshore service vessels (OSVs), holds more than 30 years’ experience in advanced pumping and flow control. The company has over the last decade established itself as a provider of integrated offshore topside flow systems such as chemical injection processing modules, with deliveries to installations such as Gjøa, Valemon, Mariner and Aasta Hansteen.
Deep process- and system competence, strong in-house engineering capacity and close supplier partnerships with globally leading manufacturers, allow PG to provide added value to its customers by offering a broad range of fully integrated fluid handling solutions for the offshore oil and gas and OSV marine industries, the company said.