EQT sells Altus Intervention to management

The deal was backed by a consortium of three Nordic banks. According to sister publication Debtwire, lenders associated with the company include DNB, SEB and Danske Bank.

The existing management team, led by CEO Åge Landro, will take a majority shareholding in the company and appoint a new board of directors.

Sister publication Mergermarket reported in July that EQT had launched a sale of Altus ahead of upcoming debt triggers and had mandated Evercore for the process. 

The transaction comes as the oil service industry is challenged with falling oil prices. The GP said in a statement that the company's operations and activity levels were impacted by the Covid-19 pandemic.  

The GP, via EQT VI, acquired a 91% stake in Wells Intervention in 2014 in a NOK 4bn ($658m) carve-out deal from Aker Solutions, according to Debtwire. In 2019, the company had revenues of NOK 2.1bn (€199m) and EBITDA of NOK 423m (€40m). 

Company
Based in Stavanger, Altus is a provider of well intervention services and down-hole technology to the oil and gas industry. The company employs 1,100 people and has operations in 10 countries across Norway, Denmark, the UK, North America, the Middle East, Africa and Asia. The company in 2019 had revenues of NOK 2.1bn in 2019 and EBITDA of NOK 423m.

People
EQT – Anders Misund (partner).
Altus Intervention – Åge Landro (CEO).

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