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CapMan seals first deal in the oil services space

17 Dec 2012

CapMan has agreed to buy Acona Holding AS, one of Norway’s largest providers of well and drilling services, marking the listed Nordic and Russian mid cap investor’s first deal in the oil services space.

Acona is one of the largest independent companies in Norway providing consultancy services within the areas of well operations, drilling, risk, HSE, flow analysis and emergency response.

The company is headquartered in Stavanger, Norway and has branch offices in Oslo, Bergen, Skien, and Tromsø in Norway, Great Yarmouth and Aberdeen in the UK and Baku in Azerbadjan.

The business employs more than 370 people and turnover for 2012 is expected to be about NOK800m ($143m).

Full financial terms of the deal were not disclosed.

“The growth potential for providers of Well Management Services is expected to be significant,” CapMan Buyout partner Hans Tindlund said in a statement.

“An increasing share of small and mid-sized E&P companies on the Norwegian and UK Continental Shelves, and constraints of human resources and competence for drilling operations are factors expected to drive demand for Acona’s services going forward.”

Ole Rettedal, CEO of IKM Invest AS – Acona’s main shareholder – added, “We have been involved with Acona more or less since the inception of the company.

“Acona has now reached a size and position where it is natural that a new owner takes over and continues to build and develop its success.”

The deal is the last from the CapMan Buyout IX fund. The firm’s next buyout will be made through the firm’s CapMan Buyout X fund, which was established in November this year.

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