Norvestor Invests in PG Marine Group

Norvestor VI, a fund advised by Norvestor Equity, has signed an agreement to invest in Ing Per Gjerdrum including its subsidiaries PG Hydraulics and PG Construction. PG is one of the leading providers of offshore oil & gas pump systems and solutions, with a global market leader position within flow systems for offshore service vessels (OSVs). 

Based on more than 30 years’ experience within advanced pumping and flow control, the company has over the last decade also established itself as a leading provider of integrated offshore topside flow systems such as chemical injection processing modules, with important deliveries to installations such as Gjøa, Valemon, Mariner and Aasta Hansteen.

Deep process- and system competence, strong in-house engineering capacity and close supplier partnerships with globally leading manufacturers, allow PG to provide significant added value to its customers by offering a broad range of fully integrated fluid handling solutions for the offshore oil and gas and OSV marine industries.

“Our partnership with Norvestor marks the end of an era with Per Gjerdrum stepping back after 32 years with PG. Since I joined the company in 2000, we have together been able to profitably tenfold revenues working alongside some of the most admirable customers and suppliers in the industry. I am confident that we, through Norvestor, have found the ideal way of taking PG to the next level. Our combined network, experience and competence will allow PG to thrive as we continue to develop the company”, says Roy Norum, CEO of PG.

“After several years of investments in infrastructure and resources PG has grown both its capacity and capability within its core businesses, and we believe the company is set to capitalize on this in the coming years. PG is a reputed and well-run company with a strong customer base and product- and quality leadership within attractive segments of the maritime and offshore oil and gas markets. We are proud to have the opportunity to manage the heritage of Per Gjerdrum going forward together with Roy Norum, Mads Gjerdrum and the rest of their team”, says Per-Ola Baalerud, partner in Norvestor Equity and chairman designate in PG.

Following the acquisition, Norvestor will become the largest shareholder in PG with about 63 percent of the shares, while the remaining shares will be held by Mads Gjerdrum and Roy Norum. The company had revenues of NOK 552 million in 2013. The transaction is expected to close end of October 2014, subject to customary approval from the Norwegian Competition Authorities.