April 2014: The HitecVision private equity company and industrial entrepreneur has established Flux Group and launched a campaign to establish a new leading supplier of equipment and services related to selected segments of the oil and gas industry.
April 2014: The HitecVision private equity company and industrial entrepreneur has established Flux Group and launched a campaign to establish a new leading supplier of equipment and services related to selected segments of the oil and gas industry. The group will have its headquarters in Stavanger, Norway. Its strategy will be to acquire and further develop companies with attractive positions in the oil and gas industry, both in Norway and internationally.
HitecVision has a solid and unprecedented track record for building attractive growth companies in the oil and gas industries. The establishment of Flux Group is a continuation of the private equity investment fund’s successful strategy, which has created leading companies in the exploration and production (E&P) universe as well as in several segments of the oil and gas service industry.
Ådne Grødem has been appointed president and CEO of Flux Group, while Tor Olav Schibevaag will become chief operations officer. Gro Kielland, who brings leading top management experience in E&P and oil services, has been elected chair of the board of directors of Flux Group. During its initial growth phase, the new company will have its headquarter in the Vision Factory, a business centre established by HitecVision to support its portfolio companies.
“We believe ample attractive investment opportunities exist in the oil and gas services industry, and Flux Group has been set up to capitalise on the industry and investment expertise from our owner, HitecVision, and the management,” comments Grødem. “Our goal is to build a portfolio of companies with a solid market position and a clear growth potential, and to team up with the management of the respective portfolio companies to reach the goals set – or to go even further.”
Flux Group has identified and initiated discussions with several potential portfolio companies and expects to make its first investments in coming months.
“We expect the second half of 2014 to be very active and, going into the new year, it is my ambition that Flux Group, through selective acquisitions, will have established a foundation for becoming a group with revenues in the billion Norwegian kroner range during 2015,” says Grødem
For further information:
Ådne Grødem, president and CEO, Flux Group, tel: +47 907 53 999
More information about Hitec Vision: