The purchase is the firm’s sixth from its second investment fund, which aims at mid-market buyouts of businesses across Europe with potential for international expansion.
It is the second oil-related purchase by Stirling following last December’s buyout of Italian used oil recycling company Viscolube.
SAR handles and treats oil-contaminated drill waste and industrial waste from offshore oil installations through nine bases along the Norwegian coastline, but plans to expand its services internationally as drillers to raise standards to those of the North Sea.
It has already secured contracts in Kuwait, India and Jordan, and the management team has been asked to focus on further developing its global business.
Stirling partner Bolaji Odunsi said, “Following our first investment into the offshore oil and gas sector in 2011, we are delighted to have secured a second investment in this growth sector and it represents our first investment in Norway.
“SAR is a perfect fit with Stirling Square’s investment strategy, which focuses on acquiring companies with a leading position in their national market and developing their cross border activities, delivering international market consolidation and the potential for transformational change and value creation.”
Stirling aims to make control investments in market-leading companies with enterprise values of between €50m and €150m, with a view to growing and consolidating them within the industry.
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