Herkules, one of Norway’s leading private equity fund, has acquired a majority of the shares of oilfield technology specialist Petroleum Technology Company (PTC).
PTC is experiencing strong growth and as part of the deal, almost GBP 14M will be injected as growth capital. Herkules is partnering with PTC’s current owners, of whom several are key members of the management team.
Mr Erling Kleppa, co-founder and Chairman of PTC, said “PTC is experiencing strong and increasing global demand. This agreement will position the company well to supply current and future customers with the best possible service while providing a solid platform for growth.”
Mr Morten Blix, Senior Partner in Herkules, said “We are particularly impressed with the fact that PTC’s product portfolio is perceived as market leading from a technological perspective, and we look forward to work together with management to realise the potential of the existing product portfolio while ensuring that PTC will be the leading player in its markets going forward.”