HitecVision's Circle Group acquires WellPartner

HitecVision founded Circle Group in September as a buy-and-build platform for investments in the oil and gas services sector.

The WellPartner acquisition will form the base of Circle Group, which was the first platform investment in the GP's 2014-vintage $1.9bn Fund VI.

The transaction is scheduled to be completed by the end of 2014.

Earlier this month, another HitecVision buy-and-build platform – Flux Group – acquired Norwegian Piping.

Company
Established in the Norwegian oil hub of Stavanger in 2008, WellPartner offers services, products and consulting in the subsea sector of oil rig services.

People
HitecVision senior partner Gunnar Halvorsen is responsible for Circle. Rolf M Leknes is the CEO of Circle, while Arvid Qvanvik is the managing director of WellPartner.

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• Topics
• Nordics
• Buyouts
• Industrials
• Norway
• HitecVision
• Buy-and-build