The bulk of Norway’s AGR Group is poised for new ownership after a £155million-plus deal.
Mirror Bidco, a special purpose acquisition vehicle backed by private equity firm Silverfleet Capital is buying the Oslo-listed company’s petroleum services arm – effectively all of AGR’s current business.
AGR has its headquarters in Oslo, with other offices in Stavanger, Bergen, Trondheim, Aberdeen, Guildford, Houston, Perth, Almaty, Moscow, Dubai and Abu Dhabi.
It claims to be the world’s largest independent well management group, delivering well, HSEQ (health, safety, environmental and quality), reservoir and field management services to the upstream oil and gas industry.
The company also offers rig access management, consultancy manpower, and software services and training.
Chief executive Age Landro said: “AGR has enjoyed a strong market position and experienced great growth over the last few years, while operating across all the main oil and gas hubs.
“We have grown by 13% annually over the past five years and established ourselves as a truly global business.
“Moving forward, we are very excited to be partnering with Silverfleet Capital.
“With Silverfleet’s support, AGR will be able to continue an international expansion strategy and deepen its range of upstream services.”
Silverfleet partner Adrian Yurkwich, who will join AGR’s board, added: “This investment offers an opportunity to back an excellent team that is providing the highest quality integrated solutions for the entire field life cycle of upstream oil and gas.
“We look forward to working with AGR’s management team to further expand its operations internationally.”
AGR said it expected the deal, which is subject to approval by its shareholders, to complete by the end of next month.”
The business changing hands operates under the name AGR Holdings, which in 2013 generated £17.1million of earnings before interest, taxation, depreciation and amortisation (ebitda) from revenue of £130.2million,
Adjusted figures for the year to March 31, 2104, show ebitda of £17.6million from revenue of about £135million.