European private equity shop Montagu Private Equity said that it will acquire Moss, Norway-based Helly Hansen Pro. Financial terms of the deal were not released. HH Pro provides survival and personal protection suits for the offshore and shipping markets.
Montagu Private Equity (“Montagu”), one of Europe’s leading private equity companies, is pleased to announce the agreement to acquire Helly Hansen Pro (“HH Pro” or the “Company”) in partnership with its existing management team from the Helly Hansen Group. HH Pro is a leading provider of survival and personal protection suits to predominantly the offshore and shipping markets. Going forward the Company will be rebranded “Hansen Protection”.
HH Pro, headquartered in Moss, Norway, has ca 140 employees and is predominantly active in the Nordic region. It is organised in three main business segments: survival suit rental, used by personnel in their transport between land and offshore installations (oil and gas rigs), personal protection suits, used in other marine and hazardous environments (navy, chemical plants, fire brigades) and pro textiles, which includes boat canopies and products for the agriculture, industry and health sectors.
With the support of Montagu, management plans to continue its impressive track record of growth by expanding into adjacent markets and product categories and thereby capitalising on the huge opportunities its markets provide.
“HH Pro is a well managed business, providing essential products and services in attractive, growing markets. The Company has an impressive track record and we are very excited about supporting the business in its next phase of development” said Montagu’s Anthony Greensmith, Director, and Christian Rasmussen, Investment Director, in a joint statement.
Terje Gorm Hansen, CEO of HH Pro, commented “HH Pro is the leading supplier of survival and personal protection suits in its markets. In Montagu, we have found an experienced investor whose investment style, geographical reach and expertise is a great fit for our business and its strategy. With their support, I am confident that our business will continue to grow and prosper well into the future.”
Peter Dahlberg, Director and Head of the Nordic region at Montagu said “in addition to HH Pro being an excellent company with great growth prospects, this investment also demonstrates Montagu’s ongoing commitment to the Nordic region, this being our second investment in Norway this year and our fifth sizeable investment in the region over the past five years.”
Arctic Securities acted as financial advisor and Wikborg Rein as legal advisor to Montagu.