EQT Private Equity sells StormGeo to Alfa Laval
- EQT Private Equity sells StormGeo, a global provider of decision support software for weather sensitive operations, to Alfa Laval at the transaction price of 3,630 million NOK
- StormGeo’s weather intelligence helps safeguard people, assets and operations, and helps customers meet greenhouse gas targets and reduce emissions, with more than 2.0 million tonnes of fuel and 6.1 million tonnes of CO2 saved since 2018
- Under the ownership of EQT, StormGeo more than doubled its turnover, EBITDA and number of customers thanks to strong organic growth, investments in digitalization and a number of strategic complementary acquisitions.
STOCKHOLM, May 10, 2021 / PRNewswire / – EQT is pleased to announce that EQT Mid Market (“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 management. The transaction price is 3,630 million NOK.
StormGeo was founded in 1997 in Bergen, Norway, as a spin-off of Norway the largest commercial broadcaster, TV2. Through its scalable software solutions, StormGeo provides weather-focused services to more than 2,200 customers worldwide 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 disruption globally, StormGeo’s point-in-time forecasts, coupled with asset-specific data, enable customers to protect people, assets and operations while minimizing downtime , improving ESG performance, saving fuel and resources.
During the ownership of EQT Private Equity, StormGeo has grown from a regional champion to a leading global provider of shipping and weather solutions, backed by a proprietary and automated data platform. Fueled by global megatrends such as climate change and digitization, StormGeo has more than doubled its revenues, EBITDA and customer base, and the company’s platform has been significantly strengthened through investments in digitization and six complementary strategic acquisitions. In 2018, StormGeo was elected a partner of the United Nations Global Compact and has since proudly contributed to the Action platform for a sustainable ocean business.
Rikke Kjær Nielsen, Partner and Investment Advisor at EQT Partners said: “It has been a privilege to partner with the StormGeo leadership team and be part of the growth journey. We are proud of the company’s contribution to society by helping customers act in a sustainable manner and facilitating a reduction of 6.1 million tonnes of CO2 since 2018. This fits perfectly with the investment approach of ‘EQT, and StormGeo is a strong testament to EQT’s desire to have a positive impact. I would also like to thank DNV and all of StormGeo’s other minority co-investors for excellent 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 for businesses around the world. “
Søren Andersen, CEO of StormGeo, added: “Together with EQT, StormGeo has grown into a global market leader through accelerated investments in digitalization and several strategic complementary acquisitions. We are grateful for the strong cooperation and support from EQT over the past. years, and we look forward to continuing to grow our business through further geographic and technological expansion with Alfa Laval. “
The transaction is expected to close in the second quarter of 2021.
EQT Private Equity was advised by Houlihan Lokey (M&A), EY (financial, fiscal, commercial, ESG, tech) and Wiersholm (legal).
EQT press office, [email protected], +46 8 506 55 334
EQT is a global goal-driven investment organization with more than 67 billion euros assets under management in 26 active funds. EQT funds have holding companies Europe, Asia Pacific and the Americas with total sales of around 29 billion euros and over 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information: www.eqtgroup.com
StormGeo is one of the world’s leading providers of decision support software for weather sensitive operations. The company was founded in 1997 as a spin-off of Norway the world’s largest commercial broadcaster, TV2, and today provides weather-focused services for a variety of industries including shipping, renewables, oil and gas, and onshore industries such as healthcare , hospitality and retail. The company is based in Bergen, Norway and has 24 offices in 15 countries and approximately 515 employees.
More information: www.stormgeo.com
About Alfa Laval
Alfa Laval is active in the energy, marine and food and water sectors, offering its expertise, products and services to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth and driving progress – always striving to help customers achieve their business and sustainability goals.
Alfa Laval’s innovative technologies are dedicated to the purification, refining and reuse of materials, promoting a more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment and reduced emissions. In this way, Alfa Laval not only accelerates the success of its customers, but also of people and the planet. Make the world a better place, every day.
Alfa Laval has 16,700 employees. Annual sales in 2020 were SEK 41.5 billion (about. 4 billion euros). The company is listed on the Nasdaq
More information: www.alfalaval.com
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