Stirling Square acquires SAR

Incoronato previously held a 29.78% stake in the company, Westco held a 69.49% stake and the remaining 0.73% was held by the company's management.

Stirling made the investment through its second vehicle, Stirling Square Capital Partners II, which closed on €375m in 2010. This is Stirling's first transaction in Norway.

The investment will underpin the international expansion of the firm's contracts.

Company
Based in Tananger, Norway, SAR is a waste treatment company for the oil and gas industry. The firm handles and treats oil contaminated drill waste, hazardous and industrial waste, and performs tank cleaning from its nine bases along the Norwegian coastline. The firm has contracts in Norway, Kuwait, India and Jordan, and currently employs around 250 members of staff.

People
Bolaji Odunsi is a partner at Stirling Square. Per Kristian Nagell is CEO of SAR.

Advisers
Equity – Enskilda (Corporate finance); Aabø-Evensen & Co (Legal); PricewaterhouseCoopers (Financial due diligence, tax); OC&C (Commercial due diligence).
Vendor – Arctic Securities (Corporate finance); Kluge (Legal).

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