Altor to acquire Scandpower Petroleum Technology
Altor, HitecVision and management/other current owners have signed an agreement to acquire Scandpower Petroleum Technology Holding ASA (SPT). Through the partnership with Altor, SPT is well positioned for future international expansion.
Altor has signed an agreement to acquire a 70 per cent shareholding in SPT. The current owners, led by HitecVision Private Equity, will have a 30 per cent ownership on a pro-rata basis.
SPT provides world leading software for the oil and gas industry within the areas of Flow Assurance and Production, Drilling, and Reservoir modeling. SPTs largest business area is Production and the software OLGA is currently used by most major oil, engineering and service companies world wide. Within dynamic flow assurance modeling, SPT is the market leader.
“SPT has already established itself as a global provider of software to oil companies. We have a number of growth opportunities that we plan to pursue with our new financial resources. We believe working with Altor and HitecVision will provide a good combination of continuity and new thinking that will support us on this journey!”, says Dag Terje Rian, CEO of SPT.
“During our ownership, SPT has developed into a very strong provider of highly valued software to the oil and gas industry. The organization, its product portfolio and its international footprint has substantially improved, and the company is entering a new and exciting phase of its development. It is a natural point to bring in new owners and we look forward to working with Altor going forward”, says Ole Ertvaag, CEO of HitecVision.
“We expect strong growth in the company, especially from international markets. SPT has a unique starting point as the worlds leading provider of dynamic modeling technology and related products. We are impressed by what management and the organization have achieved, and look forward to work with them and HitecVision in the next phase of SPTs development”, says Hugo Maurstad, Partner in Altor Equity Partners.
Altor’s acquisition is subject to competition authority approval.
About Scandpower Petroleum Techology (SPT)
Scandpower Petroleum Technology Holding (SPTH) is one of the world’s leading companies in the field of dynamic flow modelling for the oil and gas industry.
SPTH provides a combination of software and consulting services within two main business segments; Multiphase flow and Reservoir engineering. With a strategy of turning basic research into profitable software products and consulting services, SPTH develops and markets OLGA®, Drillbench® and MEPO®, software products that support solutions which maximise production and reservoir performance.
edpm® is a proven dynamic on-line, real-time production management system which enables sustained cost effective operations. Headquartered in Oslo, Norway, SPTH has subsidiaries in Bergen, Dubai, Hamburg, Houston, London, Mexico City, Milan and Perth. In addition SPTH also has an extensive network of sales agents and representatives world-wide. SPTH has more than 150 employees.
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1 150 million in capital. It is advised by Altor Equity Partners AB. Altor focuses on Nordic investments ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through a change process. Since its inception, Altor investments include Lindorff, Ability Group (AGR), Relacom, Simrad Yachting, Dynapac, Byggmax, Meyn, Aalborg Industries, Ferrosan, PaloDEx and Nimbus Boats.
About HitecVision Private Equity
HitecVision Private Equity is one of Europe’s leading investors in the oil and gas industry, with USD 410 million / NOK 2.5 billion under management. The company’s own roots are firmly in the sector: Starting out in 1985 as Hitec ASA, an entrepreneurial oil service business, it went on to create HitecVision AS, a holding company structure for a portfolio of oil service companies.
Today, HitecVision Private Equity is a pure private equity fund manager. HitecVision Private Equity has since 2002 invested in 11 companies in the oil and gas industry in Europe and the United States. Two of these, Revus Energy and APL, were fully exited in 2005, through successful IPOs on the Oslo Stock Exchange. The SPT investment is held in the fund Energivekst AS.