Segulah buys Beerenberg from Herkules

The company's management team will reinvest to retain a stake in the firm.

The acquisition is the seventh completed through Segulah IV LP, which closed on SEK 5bn in 2007 seven weeks after the PPM was issued.

Ketil Lenning, former CEO of Odfjell Drilling, joined Beerenberg as chairman as part of the transaction.

Previous funding
Herkules Capital acquired Beerenberg, then Dalseide & Fløysand Group AS, through Herkules Private Equity Fund I in 2006. The management reinvested to retain 6% of the firm, with the GP holding the balance. Danske Bank provided a senior debt package to support the transaction.

Company
Founded in 1977 and headquartered in Bergen, Beerenberg is a service provider to the onshore and offshore oil and gas industry. The firm is active within the fields of surface treatment, fire-proofing, insulation, architectural works and outfitting, access technologies, subsea insulation, decommissioning and engineering and inspection services.

Beerenberg employs 2,000 members of staff and has divisions in Stavanger, Haugesund, Houston and Kazakhstan. Estimated revenues for 2012 stand at NOK 1.5bn. While under Herkules' ownership, EBITDA has more than tripled from NOK 55m in 2005 to NOK 175m in 2012.

People
Sebastian Ehrnrooth is a partner at Segulah and worked on the transaction.

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

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