Norvestor sells Cegal to DWS-, Argentum-led consortium

The transaction was made via a special purpose vehicle, Norvestor SPV I, which will own 75-80% of the new holding company, while the company's management and employees will hold the remainder. Norvestor will continue to support the business as a minority shareholder.

Norvestor acquired a 75% stake in Cegal in December 2010, while CEO Svein Torgersen and the management team retained the remainder. Norvestor invested in the deal through its €236m Norvestor V fund.

Subsequently, the GP merged the business with its portfolio company Blueback Reservoir to create an IT specialist for the oil and gas industry. The combined group was majority-owned by Novestor V, while employees and board members retained a 48% stake in the merged entity.

Under Norvestor's ownership, Cegal grew from a local IT services provider to a global operator with offices in Stavanger, Oslo, London, Aberdeen, Houston and Dubai. The company increased its staff from 60 to 400 employees and its revenues from NOK 120m in 2011 to NOK 793m in 2019, through organic growth and targeted acquisitions.

Company
Established in 2000 and headquartered in Stavanger, Cegal provides hybrid cloud solutions, software, IT consultancy, geoscience and data management to the oil and gas industry. The company employs 400 staff and generates revenues of NOK 793m.

People
Norvestor Equity – Henning Vold (partner); Fredrik Gyllenhammar Raaum (investment director).

Advisers
Vendor – Stifel Global Technology Group (corporate finance); ABG Sundal Collier (corporate finance); Schjodt (legal).

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• Topics
• Buyouts
• Exits
• Nordics
• Technology
• Support services
• Norvestor
• Norway
• Argentum
• Partial sale