NORWAY - Herkules acquires majority stake in Bandak

The Bandak companies produce mechanical engineering products, including individual parts, semi-manufactured components, complete assemblies and specified documentation, for sales and technology companies. Its main focus is the oil and energy sectors, however, it also supplies to the automotive, defence, and aerospace industries.

Despite severe effects on its client industries, Bandak has grown over the past five years through acquisitions and organic growth. 2008 sales exceeded NOK 300m, and estimates for 2009 suggest further increase.

Headquartered in Lunde, with additional facilites in Raufoss, Halden, Notodden and Kongsberg, the group employes 225.

The investment was made from Herkules third fund, which closed last summer on EUR 6bn, making it Norway's largest buyout fund.

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• Buyouts
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