Polaris has agreed to buy Falck Safety Services Holding A/S. Financial terms weren’t announced. Falck Safety, of Copenhagen, Denmark, provides safety training for the offshore, maritime and renewables industries. Falck Group is the seller.
Polaris acquires Falck Safety Services from Falck
Polaris and Falck have signed an agreement whereby Polaris will acquire 100% of the shares in Falck Safety Services Holding A/S and take over all Safety Services activities in Falck.
Falck Safety Services is the world’s largest provider of specialist safety training for the offshore, maritime and renewables industries, operating from over 30 training centres in 21 countries. Each year, Falck Safety Services provides the most realistic and valuable training to thousands of employees from the energy and shipping industries.
The divestment of Falck Safety Services is in line with Falck’s overall strategy to focus on its core business.
Polaris is a Danish-owned private equity firm with activities across a range of industries and experience building growth companies, including providers of critical services to the renewable energy industry, among others.
Partner and CFO at Polaris Henrik Bonnerup said:
“Safety Services is an exciting and globally leading company with the broadest range of nationally and internationally accredited training courses in the world. We see good growth opportunities in the company’s markets where increasing safety demands and a higher degree of outsourcing to professional partners generate great potential. Safety Services’ competent employees, its unique offering to customers and the company’s strong market position form a great platform for generating growth and building an even stronger business based on world-class customer service and global operating procedures.”
Falck President & CEO Jakob Riis said:
“We are focusing our business and reducing complexity to build leadership in our core business areas. Safety Services is a leader in rescue and safety training. During recent years, Safety Services has reduced cost significantly and is well into its turn-around that was initiated following the recent recession in the oil and gas sector. We have evaluated the future ownership of Safety Services. We believe that Polaris can provide the focus and financial capacity needed to enhance Safety Services’ leadership.”
Torben Harring will continue as CEO of Safety Services under Polaris’ ownership. Harring said:
“Polaris’ ownership strengthens Safety Services. Following the effect of the downturn in the oil and gas sector, we conducted a thorough and necessary global cost adjustment and carved out one third of our cost base. In parallel we initiated the process of streamlining the business. With the outlook to improve profitability significantly and with Polaris as a new strong owner prepared to fuel our growth, we can now fully focus on accelerating the transformation and development of our business. I’m looking very much forward to start collaboration with Polaris.”
The parties have agreed not to disclose the sales price, and closing is expected during September 2018.