Pareto Staur and CapMan to invest in Acona

December 19, 2012

Acona Holding is one of the largest independent companies in Norway providing consultancy services within the areas of Well Operations, Drilling, Risk, HSE, Flow Analysis and Emergency Response.

The company is headquartered in Stavanger, Norway and has branch offices in Oslo, Bergen, Skien, and Tromsø in Norway, Great Yarmouth and Aberdeen in the UK and Baku in Azerbadjan. The company employs more than 370 people and turnover for 2012 is expected to be approximately NOK 800 million.

“We are excited about the acquisition of Acona. The growth potential for providers of Well Management Services is expected to be significant. An increasing share of small and mid-sized E&P companies on the Norwegian and UK Continental Shelves, and constraints of human resources and competence for drilling operations are factors expected to drive demand for Acona’s services going forward”, says Hans Tindlund, Partner at CapMan Buyout.

CapMan has since 2004 been co invested with Staur. We are now extending our cooperation to the energy services space under Pareto Staur Energy. We have developed a common view of Acona and are looking forward to continued good partnership. CapMan and the Pareto Staur Energy managers are located in the same building and will work closely together on the further development of Acona. “We are looking forward to working with CapMan and I am confident that we are well positioned to fulfill Acona’s potential”, says chairman of Pareto Staur SPV I AS, Bernt Østhus.

Acona’s main shareholder, IKM Invest AS, welcomes the new owners of the company. “We have been involved with Acona more or less since the inception of the company. Acona has now reached a size and position where it is natural that a new owner takes over and continues to build and develop its success”, says Ole Rettedal, CEO of IKM Invest.

The acquisition is expected to close in January 2013. Pareto Staur SPV I (a company 100% owned by the Pareto Staur Energy discretionary mandate) will initially own about 7% of Acona. CapMan and Pareto Staur SPV I will combined have full ownership control of Acona. Other investors in this acquisition are Argentum and Varma.