The EQT Mid Market fund (EQT Private Equity) has agreed to sell StormGeo Holding AS (StormGeo) to Alfa Laval AB (Alfa Laval), a specialist in heat transfer, centrifugal separation and fluid handling. The transaction price amounts to NOK3,630 million.
StormGeo was founded in 1997 in Bergen, Norway, as a spin-off from Norway’s largest commercial broadcaster, TV2. Through its scalable software solutions, StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy and onshore industries such as healthcare, hospitality, insurance and retail.
With extreme weather being the number one cause of business disruptions globally, StormGeo’s point specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets and operations while minimising downtime, improving ESG performance, saving fuel and resources.
During EQT Private Equity’s ownership, StormGeo has transformed from a regional champion into a leading global provider of shipping — and weather-solutions, underpinned by a proprietary and automated data platform. Fuelled by global megatrends such as climate change and digitalisation, StormGeo has more than doubled revenues, EBITDA and number of customers, and the Company’s platform has been significantly strengthened through investments in digitalisation and six strategic add-on acquisitions. In 2018, StormGeo was elected a UN Global Compact Partner and has since proudly contributed to the Action Platform for Sustainable Ocean Business.
Rikke Kjær Nielsen, Partner and Investment Advisor at EQT Partners, says: “It has been a privilege to partner with StormGeo’s management team and take part of the growth journey. We are proud of the company’s contribution to society in helping clients act sustainably and facilitating a reduction of 6.1 million tons CO2 since 2018. This aligns perfectly with EQT’s investment approach, and StormGeo is a strong testimony to EQT’s purpose of making a positive impact. I would also like to thank DNV and all the other minority co-investors in StormGeo for a great cooperation over the past few years. We are confident that Alfa Laval will be a great new home for StormGeo, and together, they will continue to be a trusted partner to businesses worldwide.”
Søren Andersen, CEO of StormGeo, says: “Together with EQT, StormGeo has transformed into a global market leader through accelerated investments in digitalisation and several strategic add-on acquisitions. We are grateful for the strong cooperation and support from EQT over the past years, and we now look forward to continuing to develop our business through further geographic- and technological expansion together with Alfa Laval.”
The transaction is expected to close in Q2 2021.
EQT Private Equity was advised by Houlihan Lokey (M&A), EY (financial, tax, commercial, ESG, tech) and Wiersholm (legal).