HitecVision's Flux Group acquires Norwegian Piping

The new investment is the second made through the Flux platform, and will form the foundation of its piping division.

Flux Group is a buy-and-build platform launched by HitecVision's Fund VI in 2014 to build a products and services provider for the oil & gas sector.

The GP brought in a dedicated management team to run the group and manage its strategy of consolidating small and mid-sized companies. Flux's first investment was a carve-out of valve manufacturer IKM Valves from its parent.

Company
Norwegian Piping was founded in 2004 and sells piping, fittings and flanges to Norwegian customers, as well as international markets.

The company mainly sells its products to the global oil & gas and shipbuilding industries, and is headquartered in Bergen.

People
Ole Ertvaag is the founding partner and CEO of HitecVision. Ådne Grådem is the CEO of Flux, while Gert Christian Strindberg is the managing director of Norwegian Piping.

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• Topics
• Portfolio management
• Nordics
• Industrials
• Norway
• HitecVision