Herkules Capital inks merger for maritime safety companies Noreq, Umoe Schat-Harding

55

Norwegian private equity firm Herkules Capital has agreed to acquire Umoe Schat-Harding and Noreq, merging the two companies to create a global supplier of maritime life-saving equipment with revenues of approximately NOK1.2bn (€130m).

The global market for life-saving equipment is very fragmented at present, according to Morten Blix, senior partner of Herkules, with a clear need for bigger and more robust players.

‘The new regulations for lifeboats on the Norwegian Continental Shelf will be an important growth driver for Schat-Harding as market leader. At the same time, Schat-Harding and Noreq combined will be able to lead the market internationally in relation to the offshore, cruise and merchant fleet segments. As the leading private equity fund in Norway, we are in an excellent position to create a global market leader with a basis in Norway,’ said Blix.

Schat-Harding has the world’s largest service network for life-saving equipment, and as a result of the merger it will be the chosen service partner for Noreq’s 4,200 units installed worldwide.

Herkules made the investment via its Herkules Private Equity Fund III vehicle. Herkules Private Equity Fund was established as Ferd Private Equity Fund in 2003 with Norwegian conglomerate Ferd as the cornerstone investor.

Most recently, the firm sold oil and gas maintenance services company Beerenberg Holding to Segulah.

Copyright © 2013 AltAssets