DNV GL increases ownership stake in StormGeo, a leading global provider of weather-based decision support services.
Private equity group Reiten and TV2 have sold majority shares to EQT Mid Market. As part of the transaction EQT will enter into a partnership with DNV GL (second largest shareholder) and StormGeo management and employee shareholders, who will remain significant minority shareholders.
“In connection with the transaction, DNV GL has increased its ownership stake from 24% to 27%,” says Bjørn K. Haugland, DNV GL Chief Sustainability Officer and board member in StormGeo. “The strategy is to support StormGeo’s continued growth and focus further on the offshore oil & gas, maritime and the renewable industries as well as investments in next generation products and services. We look forward to driving the company forward together with EQT and the other stakeholders."
“We are honored to welcome EQT as new majority shareholder of StormGeo and at the same time expand our current strategic partnership with DNV GL. StormGeo provides its services to very capital intensive industries across the globe, and EQT’s strong track record and longstanding experience in taking mid-sized companies to the next level will help us meet future customer demand. The offshore oil&gas and maritime industries are at the cusp of a technological transformation driven by easier access to bandwidth and big data. With our current risk avoidance systems and focus on efficiency, we are very well positioned to benefit from an increased focus on reducing fuel consumption and emission levels and improving onboard safety,” says Erik Langaker, Chairman of StormGeo.
“We are deeply impressed by the quality and entrepreneurial mindset of StormGeo’s employees. They have managed to build a strong business on reducing the shipping industries carbon footprint and improving health and safety for the personnel onboard oil rigs. We can only expect the global demand for sustainability and risk management services to increase going forward. We look forward to embarking on a journey to realise the full potential of StormGeo together with management,” says Jannik Kruse Petersen, Partner at EQT Partners, investment advisor to EQT Mid Market.
EQT is the leading private equity group in Northern Europe, with portfolio companies in Northern and Eastern Europe, Asia and the US with total sales of more than EUR 25 billion and over 550,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For further information please visit www.eqt.se
Since inception 1997 StormGeo has developed into a global contributor of support systems and risk predictions within the meteorological and associated sectors. StormGeo holds a global no 1 position in the offshore and marine segment, and also provides services to sectors such as onshore Oil&Gas, renewable energy, media and aviation. StormGeo has 22 offices in 14 Countries and serve customers with operational 24/7 service centres in all major time zones
For further information please visit www.stormgeo.com
About DNV GL
Driven by its purpose of safeguarding life, property and the environment, DNV GL enables customers to advance the safety and sustainability of their business. DNV GL provides classification and technical assurance along with software and independent expert advisory services to the maritime, Oil&Gas and energy industries. It also provides certification services to customers across a wide range of industries. Combining leading technical and operational expertise, risk methodology and in-depth industry knowledge, DNV GL empowers its customers’ decisions and actions with trust and confidence. The company continuously invests in research and collaborative innovation to provide customers and society with operational and technological foresight. Established in 1864, DNV GL operates globally in more than 100 countries with over 16,000 professionals dedicated to helping their customers make the world safer, smarter and greener.
For further information please visit www.dnvgl.com