Altor sells Enhanced Drilling to EV Private Equity

EV Private Equity will combine Enhanced Drilling with Enhanced Well Technologies, a global oil company in its portfolio.

Altor has controlled Enhanced Drilling since 2004 when it acquired the parent company AGR via its €650m 2003 fund. It sold off a part of the business to Silverfleet Capital Partners in 2014, generating a return of 8.8x on its initial investment.

Company
Enhanced Drilling is headquartered in Straume, Norway, and was founded as an independent company in 2013. It makes equipment for offshore drilling that focuses on cost reduction and environmental damage limitation.

People
Altor Equity Partners – Eivind Reiten (adviser).

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