EQT acquires StormGeo from Reiten & Co

The deal, completed via EQT Mid Market, is expected to complete in Q2 2014.

Reiten, which owned a 50% stake, and Norwegian broadcaster TV 2, which owned 5% prior to the deal, are fully exiting the business as part of the transaction.

Reiten acquired a majority stake in StormGeo in 2011 via its seventh fund, RCP VII. At the time the company had 75 employees and eight offices; today the number of staff has grown to 320 in 22 offices across 14 countries. 

StormGeo acquired US-based company Applied Weather Technology (AWT) earlier this year, and has also made a number of add-ons in the Gulf of Mexico and the Middle East, including Dubai-based weather forecasting company Met Consultancy in January 2012.

Company
Based in Bergen, Norway, StormGeo provdes meteorological forecasting and risk analysis services that enable clients to adjust to climate change and extreme weather, and help shipping companies to reduce their carbon footprint.

The company's clients are found within shipping, offshore industries, renewable energy, media and aviation. StormGeo reported sales of NOK 330m and EBITDA of NOK 99m in 2013.

People
Christian Melby, managing partner of Reiten, led the deal. Kent Zehetner is the CEO of StormGeo.

 

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