Swedish PE Firm Strikes Deal

Segulah IV LP, a Stockholm-based private equity firm, has struck a deal to acquire Beerenberg Holding AS, an oil and gas maintenance services firm working on the Norwegian Continental Shelf. Norwegian PE firm Herkules Capital and the company’s management are the sellers. Specifics on the deal were not publicized.

Stockholm January 4, 2013
Segulah IV acquires Beerenberg
Segulah IV L.P. has entered into an agreement to acquire Beerenberg Holding AS, a
leading company within maintenance services for the oil and gas industry both onshore
and offshore.
Beerenberg is primarily active on the Norwegian Continental Shelf and within the fields
of surface treatment, fire proofing, insulation, architectural works and outfitting, access
technologies, subsea insulation, decommissioning and related engineering and
inspection services. The Company is headquartered in Bergen with additional presence
in Stavanger, Husøy, Hammerfest, Houston (US) and Atyrau (Kazakhstan). Estimated
2012 revenue for Beerenberg is approximately NOK 1.5 bn.
The Seller in the transaction is the Norwegian private equity firm Herkules Capital and
Beerenberg’s CEO Morten Walde comments: “We look forward to working with Segulah
to take Beerenberg to the next level”.
After Segulah’s acquisition has been completed, Ketil Lenning (former CEO of Odfjell
Drilling) will be appointed new Chairman of Beerenberg.
“Beerenberg is a leading company in an interesting niche of the growing Norwegian oil
and gas market and I look forward to supporting Management in further developing the
business”, says Ketil Lenning.
“We are very pleased with this transaction. We have followed Beerenberg’s development
for some time and have a strong belief in the Company”, says Sebastian Ehrnrooth,
Segulah Advisor AB.
The acquisition will be Segulah IV L.P.’s seventh investment. Management will reinvest
and remain significant shareholders alongside Segulah IV L.P. The transaction is subject
to Norwegian Competition Authority approval.

Founded in 1994, Segulah is a private equity partnership focused on lower mid market buyouts in the Nordic
region, with a business model of active ownership through its extensive network of industrial advisors. Segulah
Advisor AB is the exclusive investment advisor to the Segulah II (MSEK 850), Segulah III (MSEK 2,356) and
Segulah IV (MSEK 5,200) UK Limited Partnerships.
The funds’ current portfolio of companies includes: PMC Group (hydraulics and pneumatics), S:t Eriks
(prefabricated concrete products), Kemetyl (car care and industrial chemicals), Almondy (frozen cakes),
Gunnebo Industries (lifting, fastening, traction products, blocks), Medstop (pharmacies), eTRAVELi (online
travel agent, Scan Coin (cash handling equipment and service), Balco (balconies and balcony glazing
systems) and CCS Healthcare (personal care products)