A business agreement was signed by Herkules on June 10th, 2013 so as to obtain Umoe Schat-Harding AS. Noreq AS also sold its business to Herkules in conjunction with the Umoe Schat-Harding AS acquisition in order to form a new, incorporated joint holding company. The result of integrating both firms will establish the world’s leading provider of life-saving maritime machine.
New Norwegian life-boat regulations will most likely go into impact in 2015 regarding overseas lifeboats on the Norwegian Continental Shelf. Both Umoe Schat-Harding and Noreq are well-poised for these new policies as they are the most innovative suppliers of life-saving devices. Umoe Schat-Harding’s FF 1200 lifeboat type is the first on the planet to finish a full-scale test according to the new policies for free-fall lifeboats on the Norwegian Continental Shelf. In addition, this model of lifeboat holds the record for the greatest free-fall on the planet at 65.1 meters. Noreq has likewise enjoyed current success with its series of confined lifeboat davits. These davits are rather ingenious and reduce installation and maintenance costs.
Additional, the firms’ total profits was approximately NOK1.2 billion in 2013.The principal owner of the completely new incorporated company will be Herkules Private Equity Fund III.Senior partner, Morten Blix, of Herkules mentioned that the fund is in an excellent position to develop an incorporated business that is a global market leader based in Norway.
At the moment Umoe-Schat Harding is majorly owned simply by Jens Ultveit-Moe whom also is the CEO and also President. He has actually been the owner for the past 26 years of the company. Jens Ultveit-Moe feels Umoe-Schat Harding is presently placed for lucrative development because of the hard work of the current administration and employees. He stated that 2012 was the best year in the company's history.
Styrk Bekkenes is functioning as the handling director of Noreq. Umoe-Schat Harding will now function as the service partner for the four thousand and two hundred units of Noreq. Styrk Bekkenes stated that Noreq will still concentrate on innovation but actually will also concentrate on their life-saving device solutions as the best priced for existing and new clients.
In June, Herkules got a majority of Petroleum Technology Company. Petroleum Technology Company was set up in 2002 and supplies gas lift and wellhead integrity goods to oil business which can help to improve possession credibility, basic safety, and dependability along with minimizing operating costs Petroleum Technology Company’s overall expected revenue for 2013 needs to reach approximately NOK 200 million. The company has a distinct product portfolio that offers the greatest well integrity level available today. Petroleum Technology Company is headquartered in Stavanger, Norway.
Current chairman as well as co-founder of Petroleum Technology Company, Erling Kleppa, explained that this agreement with Herkules ought to position the business to help supply its consumers with excellent service in addition to providing a solid platform with regard to progress. A senior partner of Herkules, Morten Blix, explained that Herkules has been amazed with Petroleum Technology Company's product portfolio being regarded as market leading from a technological perspective and also that Herkules looked forward to working with the management of Petroleum Technology Company.
The top private equity finance fund in Norway is Herkules Private Equity. It has an overall capital base of NOK 12.25 billion. The fund purchases companies that are already established yet have strong development potential, both naturally and with acquisitions. Herkules focuses on business primarily in Norway as well as throughout the Nordic nations.
Sale of Finland's largest healthcare provider, Terveystalo, through Bridgepoint for $650m to Conni Jonsson's EQT and sale of WERU through Triton Partners, member of the board of directors Peder Prahl, to H.I.G. Capital appeared to be among the notable purchases in Nordic areas.