Herkules picks up Umoe Schat-Harding and Noreq

The joint investment aims to take advantage of the fragmented global market for life-saving equipment.

The deal also picks up on incoming regulation on the Norwegian continental shelf (NCS), where new rules for life boats are expected to come into force in 2015.

Company
Schat-Harding designs and manufactures life-saving equipment. It also operates a service network for the equipment, providing maintenance, spare parts, repairs and refurbishment. Customers include shipyards, offshore energy operators, cruise ship operators, ship-owners, governments and navies. Schat-Harding was the first to develop free-fall lifeboats.

The company employs in excess of 800 people, operates in 13 different countries through 25 offices and has a service network of more than 60 stations. The company is headquartered in Rosedal, Norway, and is present in Europe, Asia and the US.

Schat-Harding's lifeboat type FF 1200 is the first to have completed a full-scale test in advance of the new rules for free-fall lifeboats on the NCS. The FF 1200 also holds the world record for the highest free fall at 65.1 metres.

Noreq supplies life-saving equipment including lifeboats, rescue boats, davits, cranes and fenders. Established in 2006, the company employs 125 people and is present in eight countries including Singapore, the Netherlands, the US, Brazil, UAE and Poland. Noreq is headquartered in Husnes, Norway.

For 2013, Herkules expects the combined group to generate revenues of around NOK 1.2bn. Following the deal, Schat-Harding will become Noreq's service partner.

People
Styrk Bekkenes is the managing director of Noreq and has also invested in the deal. Birger Gråthen is the managing director of Umoe Schat-Harding Services, while Geir Arne Veglo is the managing director of Umoe Schat-Harding Equipment. Herkules senior partner Morten Blix led the deals.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Nordics
• Industrials
• Herkules Capital
• Norway