GE Oil & Gas, the UK-based company that develops, manufactures and delivers technology equipment and services for the oil and gas industry and a subsidiary of General Electric Company, the listed US-based diversified technology and financial services company, has agreed to acquire Advantec AS, the Norway-based supplier of electro-hydraulic Installation & Workover Control Systems and associated life-of-field service for the global subsea industry, from Norvestor V, L.P., the Norway-based fund managed by private equity firm Norvestor Equity AS, the Norway-based private equity firm, Weni Holding AS and Resi Invest AS, the Norway-based investment holding company having interest in the suppliers of electro-hydraulic Installation & Workover Control Systems and associated life-of-field service for the global subsea industry, for an undisclosed consideration.
The acquisition will allow GE Oil & Gas to offer cost-efficient products and services to customers worldwide. The acquisition is in line with GE Oil & Gas’ strategy to expand its position in the subsea production equipment and services solutions for full life-of-field management. Post acquisition, Advantec will operate under the existing name and management team as part of GE Oil & Gas’ Subsea Services & Offshore division.
The transaction is subject to customary regulatory approvals and is expected to be complete by the end of 2015. Advantec has 370 employees with facilities in Norway, the UK, Lithuania, and the US. Norvestor acquired an undisclosed majority stake in Advantec in April 2010. Norvestor will retain and increase its majority ownership in Advantec Sensing AS and will change it’s name to Sentec AS.
Alpha Corporate Finance
Advised in the sale of
Advantec AS (a portfolio company of Norvestor V)
to