HitecVision and Converto Capital sell Naxys to GE

The company will be part of GE's Measurement & Control subsidiary.

Previous funding
HitecVision and Converto Capital took Norwegian oil and gas services company Bjørge private for NOK 483m in October 2009. The bid was made through newco Bokn Invest, in which HitecVision holds a 50.01% majority stake, while Converto and investment company Camar own minority stakes of 39.9% and 6.8% respectively. Following the take-private, Bjørge was split into three separate businesses – Stream, Align and Naxys – in a demerger.

Company
Naxys, founded in 1999, provides leak detection and condition monitoring systems for subsea installations within the oil and gas industry. The company is based in Bergen, Norway, and employs 31 staff.

People
Ole Ertvaag and Ola Sætre are founding partners of HitecVision. Frank Reite is CEO of Converto Capital Management.

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