Sentica's Citec in new bolt-on

Sentica acquired a 67% stake in multi-discipline technical solutions and project services provider Citec Group in June 2011, a deal valued in the €25-50m range.

Equity for the transaction was provided by Sentica Buyout III, which raised €119.5m in 2009.

The deal saw Citec Engineering and Citec Infomation merge as a new entity, set for accelerated growth partly through add-on acquisitions.

Citec acquired French oil & gas engineering consultancy Akilea Engineering in April this year. Akilea designs offshore platforms, oil refineries, pipelines and power plants.

Company
Headquartered in Asker outside Oslo, M7 provides engineering and project management services to the oil & gas industry, including liquefied natural gas, with a focus on process plants as well as floating production, storage and offload units.

The customer base consists of oil companies, ship owners, contractors and equipment suppliers.

M7 Offshore, which also has an engineering office in Singapore, employs 31 people and had a turnover of NOK 43m in 2012.

People
Martin Strand is CEO of Citec. Nils‐Erik Hannisdal is CEO of M7.

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