NORWAY - HitecVision announces three new transactions

A major investment will be made in Aarbakke, from the HitecVision Private Equity IV LP fund. The Aarbakke Group is a leading supplier of precision manufacturing services to the oil and gas industries, and has shown a strong growth over the past years. This investment from HitecVision is hoped to finance the group’s growth ambitions.

HitecVision Private Equity has negotiated and agreement to acquire Bennex AS, a subsea technology and valve supplier for the oil and gas industry. The company has forecast revenues of NOK 300m for 2006.

A letter of intent has been signed by HitecVision for Aarbakke to acquire Haaland AS, which specialises in sheet metal working using high-tech precision manufacturing technologies. Haaland will now play an important role in Aarbakke’s portfolio, enabling them to offer their customers a broader range of mechanical production services.

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