Reiten's StormGeo acquires Met Consultancy

The transaction was funded through shares in StormGeo and cash from StormGeo's balance sheet.

The acquisition enables StormGeo to establish a platform in the Middle East and introduce its products in the region. The business is convinced that there is strong potential for growth driven by an increasing activity level in the Arabian Gulf.

In May 2011, Reiten & Co acquired a 67.7% stake in Norwegian company StormGeo.

Company
Bergen-based StormGeo offers meteorological forecasting and risk analysis services, focusing on Scandinavia and the North Sea region. Its products are used by the renewable energy, offshore, shipping and media sector. Established in 1998, StormGeo currently employs about 90 people. StormGeo provides its services to 12 offices in Norway, Sweden, Denmark, the UK, Germany, the US, Brazil, Azerbaijan and the United Arab Emirates.

Met Consultancy runs a 24-hour forecast office and provides weather products for the oil & gas, marine, media and aviation industries in the Middle East. The firm was founded in 2004 by meteorologist and entrepreneur Daniel Mathew.

People
Reiten & Co's partner Christian Melby and investment manager André Weiss worked on the transaction.

Advisers
Equity – Thommessen (Legal); PricewaterhouseCoopers (Financial due diligence, legal).

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