Segulah IV L.P. has entered into an agreement to acquire Øglænd Industrier AS.
Øglænd Industrier develops, manufactures and sells (under the brand name Øglænd System) multidiscipline support solutions, cable trays and cable ladders world-wide to the Oil & Gas, Infrastructure, Ship Building, Wind Power, Water Treatment and Clean Room industries. These solutions deliver added value through reduced installation time, maximized volume utilization, weight reductions, enhanced life-time integrity and improved safety performance.
The Company, with headquarters in Stavanger in Norway, is diversified in all regions of the globe, generating 60% of sales outside Norway. Øglænd Industrier has 13 subsidiaries with manufacturing facilities in Norway, Malaysia and China and serves customers in more than 50 countries. Estimated 2013 revenues for Øglænd Industrier are MNOK 860.
The main sellers in the transaction are the Norwegian families Hoff, Austigard and Øglænd. The founder Gunnstein Austigard will remain as a significant minority owner in Øglænd Industrier subsequent to Segulah’s acquisition together with management and other current owners.
Øglænd Industrier’s CEO Geir Austigard comments: ”We have had a strong development over the last years and now look forward to working with Segulah to take Øglænd Industrier to the next level, both locally and internationally”.
When Segulah’s acquisition has been completed, Lars Brodd will be appointed new Chairman of the board. Lars recently stated that ”Øglænd Industrier is a true global market leader in an interesting niche of a market with solid growth fundamentals and I look forward to supporting management in further developing the business”.
”We are very pleased with this transaction and have a strong belief in Øglænd Industrier’s growth prospects going forward”, say Percy Calissendorff and Marcus Planting-Bergloo from Segulah Advisor AB.
The acquisition will be Segulah IV L.P.’s eighth investment. The transaction is subject to Competition Authority approval.
For further information visit www.segulah.se, www.oglaend-system.com or contact:
Lars Brodd, new Chairman Øglænd Industrier AS
Cell: +46 70 585 47 79
Percy Calissendorff, Partner Segulah Advisor AB
Cell: +46 73 347 62 81
Marcus Planting-Bergloo, Junior Partner Segulah Advisor AB
Cell: +46 70 229 11 85
Geir Austigard, CEO Øglænd Industrier AS
Cell: +47 99 24 75 00