Norvestor takes stake in PG Marine Group

The investment was made through the Norwegian GP's Norvestor VI fund and will see it become the largest shareholder in PG. Remaining shares will be held by Mad Gjerdrum and CEO Roy Norum, both members of the company's founding families.

Founder Per Gjerdrum will step down as chairman following the deal, with Norvestor partner Per-Ola Baalerud designated to take the helm as chairman of PG's board when the acquisition is approved.

The transaction is subject to approval from the Norwegian competition authority and is expected to be completed in October this year.

Company
Founded in 1982, PG provides a range of products for the offshore oil and gas sector, including subsea pumps and equipment for offshore service vessels.

Based in Hvalstad near Oslo, the company employs 46 people and had revenues of NOK 552m in 2013; it expects revenues to exceed NOK 700m this financial year.

People
Per-Ola Baalerud worked on the deal as partner for Norvestor and will be the new chairman. Roy Norum is the CEO of PG and founder Per Gjerdrum is the outgoing chairman of the company.

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• Topics
• Nordics
• Buyouts
• Industrials
• Norway
• Norvestor