Altor Oil Service Invest AS (the “Company”), a newly established company controlled by Altor 2003 fund GP Limited and Altor Fund II, has acquired 8,209,147 shares in AGR Group ASA (“AGR”), at a price per share of NOK 40.
The Company (together with related parties) now owns a total of 30,180,475 shares in AGR, representing 42.9 per cent of the total outstanding shares and votes in AGR. As a consequence of yesterday’s acquisition, Altor Oil Service Invest AS will launch a mandatory offer as soon as practically possible.
“We are satisfied with being able to increase our ownership significantly. We believe that AGR has an attractive growth outlook but that there is a significant amount of work, time and investment needed to fully realize the potential. We look forward to conducting this work in partnership with management and the other shareholders going forward,” said Hugo Maurstad, Chairman of Altor Oil Service Invest AS.
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group, Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic and Constructor (Aker Material Handling). Prior investments include ACO and Dynapac.