Norvestor acquires Kongsberg Maritimes’s steering gear and rudder business to be established as a dedicated and ambitious maritime maneuvering company
Norvestor IX SCSp (“Norvestor”) has signed an agreement to acquire Kongsberg Maritime’s steering gear and rudder business. Based in the maritime cluster in Norway, a new company will be established to continue to deliver reliability in maneuvering solutions to the global maritime industry as well as ensuring safe and efficient lifecycle operation through a first-class service, aftermarket and spare-part organization.
The new company will build on a legacy of over 70 years of innovation and expertise, tracing its roots back to 1953. This rich history includes legendary steering gear brands such as Tenfjord and Frydenbø, solidifying its reputation in the maritime industry. Every day more than 14,000 vessels around the globe rely on Kongsberg Maritime’s steering gears and rudders to navigate safely and efficiently across oceans, canals and harbours.
“We are both proud and humble to have the opportunity to take the helm from Kongsberg Maritime and to continue developing such a strong and well-established business with a relentless focus on a mission of ‘safe and efficient maneuvering at sea,’” says Per-Ola Baalerud, Partner at Norvestor Advisory. “Alongside Jan Terje Aakre, Morten Bjørke Thuen and over 150 dedicated and ambitious professionals across many locations, we will embark on an exciting voyage to expand and further solidify the position as a market leader in maritime maneuvering through the entire vessel lifecycle,” Baalerud added.
Norvestor has drawn on its deep experience from the Norwegian maritime cluster and teamed up with key experts in its network of industrial advisors who will also be engaged in the further development of the company.
“After 15 years in Rolls-Royce Marine and Kongsberg Maritime, I am thankful to have been given the opportunity to work side by side with Kongsberg Maritime in their process to prepare for- and plan the carve out of our steering gear and rudder business. I am also extremely happy to welcome Norvestor as our new main shareholder and am confident that their long-standing experience from developing companies in our industry and region, such as Sperre Air Power, will enable us to reach our ambitions goals,” says Jan Terje Aakre, who will become CEO in the new company following the transaction. “We will of course continue to cooperate with KONGSBERG while expanding our footprint and product range, and our customers and partners will continue to experience the high standards and level of service Kongsberg Maritime has always represented, with the added benefit of working with a truly focused partner within maneuvering solutions,” Aakre continues.
“We are very pleased to have reached an agreement with Norvestor, divesting our steering gear and rudder business. This is a solid business with a long heritage, high-quality products, and established market positions which we believe will continue to develop well under new ownership, and we look forward to a fruitful cooperation in the future” says Per Håvard Siljan Hjukse, EVP Propulsion & Handling, Kongsberg Maritime.
The new company will be named Neuver Maritime following closing of the transaction. It will be headquartered in Brattvåg, Norway and the company will have 160 employees across several locations including Hagavik and Ålesund in Norway as well as in sales and service locations in the US, China, Singapore, Poland, South-Korea and Italy.
The transaction is expected to be completed no later than Q1 2025 following completion of the demerger from Kongsberg Maritime.
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For further information:
Per-Ola Baalerud, Partner, Norvestor Advisory
Tel.: +47 916 30 007
Email: pob@norvestor.com
Anette Bonnevie Wollebæk, VP Communication & Public Affairs, Kongsberg Maritime
Tel.: +47 976 70 882
Email: abw@km.kongsberg.com
KONGSBERG (OSE ticker: KOG) is an international, knowledge-based group that supplies high-technology systems and solutions to customers in a wide range of markets such as defence, security, maritime, energy, aerospace, climate mapping and subsea technology. KONGSBERG has more than 13,500 employees in 39 countries and has a total turnover of NOK 40.6 billion in 2023. Kongsberg Maritime is a wholly owned subsidiary of KONGSBERG.
The Norvestor Group is a leading private equity company focused on lower mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 93 platform investments with more than 500 add-on acquisitions, in addition to executing 60 exits, including 16 IPOs. The team comprises 50 professionals, with offices in Oslo, Stockholm, Helsinki, Copenhagen, Berlin, London and Luxembourg. Norvestor funds target growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, by investing in people, capabilities and initiatives that drive sustainable organic growth, as well as through acquisitions across fragmented industries or geographic expansion. The Norvestor group currently advises and manages funds with a committed capital of close to EUR 5.2 billion. The current Norvestor portfolio companies employ more than 30,000 people. Read more at www.norvestor.com