Umoe Schat-Harding and Noreq acquired
Norwegian private equity fund Herkules has acquired Umoe Schat-Harding AS and Noreq AS, creating a major global supplier of maritime life saving equipment.
Herkules signed an agreement on last month to acquire Umoe Schat-Harding AS. The acquisition is being carried out in cooperation with the owners of Noreq AS, who, in parallel, are selling Noreq to Herkules and reinvesting a substantial amount in a new joint holding company. The transactions are expected to be finalised the first half of this month.
The intention of the acquisition is to build on Schat-Harding’s and Noreq’s strong market positions in the new combined company. For 2013 the companies expect total revenues of approximately NOK 1.2bn.
“Schat-Harding and Noreq complement each other in an excellent manner, says Styrk Bekkenes, managing director of Noreq and the largest investor after Herkules. “By combining the expertise and ability to deliver of both companies, our customers will be able to rely on us even more in terms of equipment deliveries, good service and costs.”
As a result of the combination with Noreq, Schat-Harding will be the chosen service partner for Noreq’s 4,200 units installed worldwide.
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