Stavanger 12 January 2015: Flux Group has acquired all of the shares in the Bergen-based valve company Vest Ventil. This is the third acquisition since August 2014, and the transaction strengthens Flux Group’s position as a supplier of equipment to oil and gas companies on the Norwegian continental shelf (NCS).
Established by private equity company HitecVision in the spring of 2014, Flux Group has a strategy of acquiring and further developing companies with attractive positions in selected niches of the oil and gas industry’s sub-supplier market. The group has an expressed growth strategy and has had a strong start with the acquisitions of valve company Valvision and pipe-supplier Norwegian Piping in August and October 2014 respectively.
Valvision and Vest Ventil complement each other in terms of products and services. Collectively they provide Flux Group with a complete range of valves and associated services.
“Vest Ventil secures access to important types of valves, and brings with it significant experience of maintenance work on various valve installations”, says CEO Ådne Grødem in Flux Group. “This is an important step in strengthening our position in becoming a leading “one-stop-shop” player to the oil and gas industry on the NCS. We see significant synergy potential in coordinating existing frame and collaboration agreements for our customers.”
Vest Ventil was established in 1996 and has built a solid position as a competent supplier of valves and other equipment to the oil and gas industry. The company collaborates with recognised international dealers and manufacturers, and has broad experience of valve maintenance, testing and certification. Vest Ventil is located at Godvik outside Bergen and has seven employees.
“Our new owner is the ideal partner, which will give us opportunities for expanding and complementing our offer to the market”, says Morten Rabben, Managing Director of Vest Ventil. “Flux Group provides us with a solid foundation for further growth, which will benefit both customers and employees. We face an exciting future”.
Through its three acquisitions in a short space of time, Flux Group has taken solid positions in selected segments of the oil service industry. The 2014 consolidated turnover for the Flux Group exceeded NOK 700 million.
“We have laid a solid foundation for organic development of our existing operations, and we have also drawn up plans for continued expansion in coming years”, says Grødem.
For more information or questions, please contact:
Ådne Grødem, CEO, Flux Group, tel: +47 907 53 999
More information about Vest Ventil: