HitecVision splits into two new com

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The Norwegian private investor, HitecVision, has been dissolved and the business operations divided into two new companies. HitecVision Private Equity (still commonly referred to as HitecVision) will continue to manage the firm's private equity funds. Newly-founded Hitec Industries will focus on the firm's own investment business.As part of the demerger, HitecVision has returned NOK 82m (E10m) to its investors. PÃ¥l Dahlberg, associated partner, commented: 'The demerger was undertaken in order to develop both an 'evergreen' investment company investing its own resources and raising capital, and a traditional fund management firm managing normal closed-end funds with other owners than the investment company.'Ole Ertvaag will continue as managing partner in HitecVision Private Equity, while Frode Berg is the new CEO of Hitec Industries. Berg is the former CEO of the Oslo Stock Exchange-listed firm, Kverneland Group ASA.HitecVision launched its first fund, Energivekst, in 2002. With 3-5 employees, Hitec Industries will control the remaining part of the portfolio. HitecVision Private Equity has eight employees, and is likely to recruit more people this autumn as it is currently raising its second fund. The company had discussed the demerger since January 2005.