Flux Group has entered into an agreement to acquire all the shares in Bergen-based Norwegian Piping. This is the second Flux acquisition in the space of a few months.
Flux Group was established by the private equity investor HitecVision in the spring of 2014. Its strategy is to acquire and further develop companies with attractive positions in selected niches of the supplies industry focusing on the oil and gas industry. The group acquired the valve company Valvision (formerly IKM Valves) in August.
âOur start-up has been exciting and hectic, and Iâm very pleased with the two acquisitions weâve made so farâ?, says í dne Grødem, chief executive of Flux Group. âBoth companies have attractive market positions on the Norwegian Continental shelf and internationally, and are based in western Norway.â?
Established in 2004, Norwegian Piping has achieved strong and profitable growth during its 10-year history. It will have a turnover of roughly EUR 53.3M this year, up by 65% from 2013, and good profitability. The companyâs head office is at Sotra outside Bergen. Norwegian Piping has been owned by four employees and three external shareholders. Flux Group is now acquiring all the shares in the company. Gert Christian Strindberg remains managing director.
Plans call for closure of the acquisition early November 2014.
