Advantec Holding AS, majority owned by Norvestor V L.P., has signed an agreement to sell its main operating subsidiary Advantec AS (“Advantec”), a leading subsea intervention equipment and services supplier to US listed company General Electric Inc (NYSE:GE).
Since April 2010, Norvestor has supported the management team to develop Advantec into a tier 1 player within its industry delivering directly to more than 20 oil companies.
Advantec has expanded its footprint in Norway through the acquisition of NTOS AS (Ågotnes) and establishment in Stavanger, Kristiansund and Hammerfest, in addition to its home base at Stord.
Internationally, the company has expanded to Aberdeen, Houston, Brazil and Australia, in addition to its manufacturing facility in Lithuania.
GE Oil & Gas plans to use the acquisition of Advantec to expand its presence in the subsea well intervention sector and represents a strong match from both a financial and future growth perspective.
Norvestor will retain and increase its majority ownership in Advantec Sensing AS (to be renamed Sentec AS). Sentec is a leading provider of advanced sensor technology for separation profile metering.