Mirror Bidco AS has agreed to acquire AGR Holdings AS from AGR Group ASA and PetCo Invest AS. Mirror Bidco AS, the Norway-based special purpose acquisition vehicle formed by Silverfleet Capital Partners, the UK-based private equity firm.
AGR Holdings AS, the Norway-based company headquartered in Hordaland, is engaged in providing well management solutions including accessing and managing scarce rig capacity.
AGR Group ASA, the listed Norway-based company headquartered in Oslo, is a provider of HSEQ, reservoir and field management services to the upstream oil and gas industry.
PetCo Invest AS, the Norway-based investment management vehicle formed by certain members of the management of AGR Group ASA.
The transaction will enable AGR Holdings to continue its international expansion strategy and extend its range of upstream services.
Post Deal Details: Upon completion, PetCo will receive its proportionate share of the purchase price. Adrian Yurkwich, Partner at Silverfleet will join AGR Holdings’ management board.
Terms: Silverfleet Capital will pay an enterprise value of NOK 1.64bn (EUR 195m).
Background: AGR Holdings reported revenues of NOK 1,382m (EUR 165.1m) for the financial year ending on 31 December 2013. Prior to the transaction, PetCo held 7% stake in AGR Holdings. AGR also hold interests in certain oil and gas exploration and production licences in Israel and 44% of the shares in AGR Energy AS.”
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