Norvestor backs Marine Aluminium

The investment was made from Norvestor V, which closed on €236m in 2008. It gives Norvestor a 70% shareholding, with existing owners retaining a 30% stake. The value of the transaction has not been disclosed.

CEO Jan Johannesen commented that the company is preparing for expected oil & gas market growth in the North Sea and elsewhere. He intends to focus on the home market and expand in key geographic markets, identified as China, Asia-Pacific, and Brazil.

Company
Marine Aluminium, founded in 1953, designs and engineers aluminium-based access and safety structures, including helidecks and gangways, for the oil & gas industry. The products offer weight reduction to partially submerged structures, like vessels and platforms, in comparison to more traditional steel-based solutions.

The company employs 134 staff in Karmøy and Stord, Norway, and 27 in Ningbo, China. It estimates around NOK 300m revenues for 2011.

People
Partner Trond Bjørnøy worked on the deal for Norvestor and is designated chairman in Marine Aluminium. Jan Johannesen is CEO of the company.

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