Lithicon sold to FEI
Staur is pleased to announce that our portfolio company Lithicon AS is successfully divested to FEI (www.fei.com), a Nasdaq listed (FEIC) instrumentation company providing imaging and analysis systems for research and industry. The purchase price was $68 million payable in cash.
Lithicon, headquartered in Trondheim, provides leading-edge digital rock technology services and pore-scale micro computed tomography (µCT, or microCT) equipment to oil and gas companies worldwide. In conjunction with the acquisition, FEI has obtained the helical scan microCT product and associated software from the Australia National University (ANU), through a licensing and development agreement.
“The divestment of Lithicon is the first exit of Pareto Staur Energy, an investment mandate established in 2011 and managed by Staur and Pareto Asset Management. We are pleased with finding a good home for the company in a transaction that provides very attractive returns for us and our investors,” said Bernt Østhus, key man in Pareto Staur Energy. “I would like to use this opportunity to congratulate and thank the Lithicon employees, headed up by CEO Odd Hjelmeland, for the tremendous effort they have put into developing the company to its current state. I would also like to thank Terje Eidesmo, the chairman of the board of Lithicon, for his lead role in negotiating the transaction. Together with Anders Hermansson from Statoil Technology Invest AS Terje has been instrumental in securing a good transaction.”
“Combining with FEI gives Lithicon added financial strength, distribution capabilities and complementary technical know-how to continue the company’s growth,” said Odd Hjelmeland, the CEO of Lithicon.
Odd Hjelmeland will, following the completion of the transaction, leave Lithicon and take up the position as Head of Business development Laboratories, Drilling Technologies Ltd, another Pareto Staur Energy portfolio company.
Lithicon is the result of the 2013 integration of two of the world’s leading digital core imaging and analysis companies: Digitalcore Pty Ltd of Canberra, Australia and Numerical Rocks AS of Trondheim, Norway. The company combines Digitalcore’s unique core imaging and processing expertise with Numerical Rocks’ next-generation multiphase flow modeling capabilities to give it a leadership position in the emerging digital rock analysis market. Numerical Rocks is a 2004 spinoff from Statoil ASA. The Lithicon Group has recently, in cooperation with Drilling Technologies Ltd, set up a lab in Abu Dhabi and employs a total of 45 employees.