Nord II’s Rapp Marine adds on Statech

The parties deemed the deal to be a suitable industrial match and negotiations took less than six months to complete.

The acquisition is part of Rapp Marine's strategy to grow through a combination of organic growth and targeted complementary acquisitions.

Nord Kapitalforvaltning acquired 80% of Bodø-based industrial group Rapp Marine via its fund Nord II in November 2012 for an undisclosed sum. The Norwegian private equity firm planned to grow the company globally.

Launched in April 2012, Nord II has committed NOK 430m of capital and is primarily focused on investments in small- to mid-cap growth companies in northern Norway. The fund also owns a 50% stake in Habu Technology.

Established in 1907, Rapp Marine designs, develops and markets machinery and equipment for the marine and offshore oil industries in Norway and abroad. Headquartered in Bodø, Norway, it operates internationally, including in the US, Brazil, China and Serbia.

Nord Kapitalforvaltning was established in 2011 by Sparebanken Nord-Norge and Troms Kraft, with its head office based in Tromsø.

Company
Founded in 1985 and based in Flekkefjord, Statech is a design and engineering company servicing the oil and gas industry.

The company has a turnover of NOK 4m, EBITDA of NOK 600,000 and employs 3 staff.

People
Anders Høifødt and Bjørn Hesthammer, partners at Nord Kapitalforvaltning, worked on the deal. Helge Stakkeland is the founder and CEO of Statech.

Advisers
Equity – Bahr (Legal).

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