- EQT Private Equity to sell StormGeo, a global provider of
software-based decision support for weather sensitive operations,
to Alfa Laval at a transaction price of NOK
3,630 million
- StormGeo's weather intelligence contributes to safeguarding
people, assets and operations, and helps its customers achieve
greenhouse gas targets and reduce emissions, with more than 2.0
million tons fuel and 6.1 million tons CO2 saved since 2018
- During EQT's ownership, StormGeo has more than doubled
revenues, EBITDA and number of customers as a result of strong
organic growth, investments in digitalization and a number of
strategic add-on acquisitions
STOCKHOLM, May 10, 2021 /PRNewswire/ -- EQT is pleased to
announce that the EQT Mid Market fund ("EQT Private Equity") has
agreed to sell StormGeo Holding AS ("StormGeo" or "the Company") to
Alfa Laval AB ("Alfa Laval"), a world leader in heat transfer,
centrifugal separation and fluid handling. The transaction price
amounts to NOK 3,630 million.
StormGeo was founded in 1997 in Bergen, Norway, as a spin-off from
Norway's largest commercial
broadcaster, TV2. Through its scalable software solutions, StormGeo
provides weather-centric services to more than 2,200 customers
globally in a variety of industries, including shipping, energy and
onshore industries such as healthcare, hospitality, insurance and
retail.
With extreme weather being the number one cause of business
disruptions globally, StormGeo's point specific forecasts, coupled
with asset specific data, enable customers to safeguard people,
assets and operations while minimizing downtime, improving ESG
performance, saving fuel and resources.
During EQT Private Equity's ownership, StormGeo has transformed
from a regional champion into a leading global provider of
shipping- and weather-solutions, underpinned by a proprietary and
automated data platform. Fueled by global megatrends such as
climate change and digitalization, StormGeo has more than doubled
revenues, EBITDA and number of customers, and the Company's
platform has been significantly strengthened through investments in
digitalization and six strategic add-on acquisitions. In 2018,
StormGeo was elected a UN Global Compact Partner and has since
proudly contributed to the Action Platform for Sustainable Ocean
Business.
Rikke Kjær Nielsen, Partner and Investment Advisor at EQT
Partners said, "It has been a privilege to partner with StormGeo's
management team and take part of the growth journey. We are proud
of the company's contribution to society in helping clients act
sustainably and facilitating a reduction of 6.1 million tons CO2
since 2018. This aligns perfectly with EQT's investment approach,
and StormGeo is a strong testimony to EQT's purpose of making a
positive impact. I would also like to thank DNV and all the other
minority co-investors in StormGeo for a great cooperation over the
past few years. We are confident that Alfa Laval will be a great
new home for StormGeo, and together, they will continue to be a
trusted partner to businesses worldwide."
Søren Andersen, CEO of StormGeo, further commented, "Together
with EQT, StormGeo has transformed into a global market leader
through accelerated investments in digitalization and several
strategic add-on acquisitions. We are grateful for the strong
cooperation and support from EQT over the past years, and we now
look forward to continuing to develop our business through further
geographic- and technological expansion together with Alfa
Laval."
The transaction is expected to close in Q2 2021.
EQT Private Equity was advised by Houlihan Lokey (M&A), EY (financial, tax,
commercial, ESG, tech) and Wiersholm (legal).
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506
55 334
About EQT
EQT is a purpose-driven global investment organization with
more than EUR 67 billion in assets
under management across 26 active funds. EQT funds have portfolio
companies in Europe, Asia-Pacific and the Americas with total sales
of approximately EUR 29 billion and
more than 175,000 employees. EQT works with portfolio companies to
achieve sustainable growth, operational excellence and market
leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter,
YouTube and Instagram
About StormGeo
StormGeo is a leading global provider of software-based
decision support for weather sensitive operations. The company was
founded in 1997 as a spin-off from Norway's largest commercial broadcaster, TV2,
and today provides weather-centric services for a variety of
industries, including shipping, renewables, oil & gas, and
onshore industries such as healthcare, hospitality and retail. The
company is headquartered in Bergen,
Norway and has 24 offices in 15 countries and approximately
515 employees.
More info: www.stormgeo.com
About Alfa Laval
Alfa Laval is active in the areas of Energy, Marine, and
Food & Water, offering its expertise, products, and service to
a wide range of industries in some 100 countries. The company is
committed to optimizing processes, creating responsible growth, and
driving progress – always going the extra mile to support customers
in achieving their business goals and sustainability
targets.
Alfa Laval's innovative technologies are dedicated to
purifying, refining, and reusing materials, promoting more
responsible use of natural resources. They contribute to improved
energy efficiency and heat recovery, better water treatment, and
reduced emissions. Thereby, Alfa Laval is not only
accelerating success for its customers, but also for people and the
planet. Making the world better, every day.
Alfa Laval has 16,700 employees. Annual sales in 2020
were SEK 41.5 billion (approx.
EUR 4 billion). The company is listed
on Nasdaq
More info: www.alfalaval.com
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Press release EQT Mid
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