Segulah IV LP is to acquire Øglænd Industrier AS, a developer, manufacturer and seller of multidiscipline support solutions, cable trays and cable ladders world-wide to the oil & gas, infrastructure, ship building, wind power, water treatment and clean room industries.
These solutions deliver added value through reduced installation time, maximised volume use, weight reductions, enhanced life-time integrity and improved safety performance.
The company, with headquarters in Stavanger in Norway, is diversified in all regions of the globe, generating 60 per cent of sales outside Norway. Øglænd Industrier has 13 subsidiaries with manufacturing facilities in Norway, Malaysia and China and serves customers in more than 50 countries. Estimated 2013 revenues for Øglænd Industrier are NOK860m.
The main sellers in the transaction are the Norwegian families Hoff, Austigard and Øglænd. The founder Gunnstein Austigard will remain as a significant minority owner in Øglænd Industrier subsequent to Segulah’s acquisition together with management and other current owners.
Øglænd Industrier’s chief executive Geir Austigard says: “We have had a strong development over the last years and now look forward to working with Segulah to take Øglænd Industrier to the next level, both locally and internationally.”
When Segulah’s acquisition has been completed, Lars Brodd will be appointed new chairman of the board.
“We are very pleased with this transaction and have a strong belief in Øglænd Industrier’s growth prospects going forward,” say Percy Calissendorff and Marcus Planting-Bergloo from Segulah Advisor.
The acquisition will be Segulah IV’s eighth investment. The transaction is subject to competition authority approval.
