NEWS & VIEWS

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Reiten offloads weather services company StormGeo to EQT

27 Mar 2014

Nordic private equity firm EQT has bought a majority stake in StormGeo, a global provider of weather information for offshore power projects, from fellow buyout firm Reiten & Co.

Reiten & Co took a majority stake in StormGeo in 2011. Since then, the company has built a global reach through 320 employees in 14 countries.

EQT, which made the investment via its EQT Mid Market fund, said its strategy is to support StormGeo’s continued growth, focusing on the offshore oil and gas and maritime industries as well as investments in next generation products and services.

As part of the transaction, EQT Mid Market will enter into a partnership with DNV GL, the world’s largest maritime classification society, which will remain a significant minority shareholder.

Kent Zehetner, CEO of StormGeo said, ‘We are pleased to have EQT Mid Market as a new majority investor in the company. EQT’s international standing and experience with global expansion, licensed based business models, both the offshore and the software sector and their extensive global network of Industrial Advisors will help support our continued growth internationally.’

StormGeo was established in Bergen, Norway, in 1997 as a spin-off from TV2. The company pioneered weather services for the growing offshore oil and gas industry. Through consistent organic and acquisitive growth StormGeo developed to become a specialist provider of weather-based, software-enabled decision support for operations at sea.

Currently, the StormGeo has a global reach with 22 offices in 14 countries and more than 320 employees. Its services help, among others, wind farms, rig, and vessel operators. The company offers weather forecasts and energy production modelling for offshore and onshore wind farms helping to plan installation, construction, maintenance and energy production.

StormGeo provides weather forecasts to assist operations at a number of RWE wind farm sites including the €2bn Gwynt y Môr, the largest wind farm under construction in Europe, and Nordsee Ost in the German North Sea.

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