Herkules's Bandak Group acquires ITM

Herkules Private Equity Fund III is the majority owner of Bandak, with a stake in excess of 80%.

Bandak will have approximately 475 employees following the acquisition of ITM and anticipates a turnover exceeding NOK 800m in 2013.

The transaction is pending approval from the Norwegian competition authorities.

Company
Located at an offshore base in Tananger and founded in 1994, ITM offers solutions for the handling, stocking and maintenance of drill pipe, casing and tubing in the oil and gas industry.

The company also provides tubular cleaning, maintenance, management and workshop services. ITM employs approximately 75 staff and had revenues of NOK 140m in 2012.

People
Per Gunnar Borhaug is the CEO of Bandak.

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