Norvestor and Kongsberg announce the closing of the sale of Neuver Maritime
As of 3 March 2025, the ownership of Neuver Maritime has been assumed by the Nordic private equity firm Norvestor (through the fund Norvestor IX SCSp). This completes the agreement announced on 2 September 2024 regarding the sale of Kongsberg Maritime’s Steering Gear and Rudder business to Norvestor through the newly established company Neuver Maritime.
Since signing of the agreement in September 2024, Norvestor and KONGSBERG have worked alongside the Neuver Maritime team to prepare for the separation of the business from Kongsberg Maritime – ensuring a trouble-free transition for its customers, business partners and employees alike.
“We would like to extend our sincere thanks to the whole KONGSBERG team for their dedication and hard work in preparing and execution of the complex carve-out of the steering gear and rudder business from Kongsberg Maritime” says Norvestor partner and designated Chair in Neuver Maritime, Per-Ola Baalerud.
Neuver Maritime is embarking on an exciting journey with a dedication to safe and efficient maneuvering at sea. Neuver Maritime builds 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, Frydenbø, Ulstein, Rolls-Royce and Kongsberg, solidifying its reputation in the maritime industry. Every day more than 14,000 vessels around the globe rely on Neuver Maritime’s steering gears and rudders to navigate safely and efficiently across oceans, canals and harbours.
“Neuver has been established as a dedicated maritime maneuvering specialist, and we believe that the company is uniquely positioned for considerable growth and to become the preferred partner to all those depending on safe and efficient maritime maneuvering – from crew members to shipowners alike,“ 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.
“This marks an exciting new chapter for Neuver Maritime as we establish ourselves as a dedicated lifecycle partner for maneuvering solutions," says Jan Terje Aakre, CEO of Neuver Maritime.
"We are doing our utmost to make this a smooth transition for our customers, ensuring continuity and the high level of service they expect. We are also grateful for the support from KONGSBERG throughout this process, which has helped lay a solid foundation as we move forward. With Norvestor’s strong backing and deep maritime expertise, we are well-positioned to build on our legacy, expand our offering and further strengthen our role as a trusted partner for safe and efficient maneuvering at sea,” Aakre continues.
“The Steering Gear and Rudder business of Kongsberg Maritime has been transferred to Neuver Maritime as of today. We are confident that they will take good care of our customers and former employees. We wish Neuver Maritime the best of luck and look forward to collaborating in the best interests of our customers,” says Per Håvard Siljan Hjukse, EVP Propulsion & Handling, Kongsberg Maritime.
Neuver Maritime is headquartered in Brattvåg, Norway and the company has 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.
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For further information:
Jan Terje Aakre, CEO, Neuver Maritime
Tel.: +47 971 67 046
Email: jan.terje.aakre@neuver.com
Per-Ola Baalerud, Partner, Norvestor Advisory
Tel.: +47 916 30 007
Email: pob@norvestor.com
Tove Åstasund Iversen, Senior Communication Manager and Public Affairs, Kongsberg Maritime
Tel.: +47 928 36 811
Email: tove.astasund.iversen@km.kongsberg.com
NEUVER MARITIME is a global lifecycle partner for maneuvering solutions, committed to ensuring safe and efficient maneuvering at sea. With a legacy spanning over 70 years, more than 14,000 vessels rely on the company’s high-quality steering gear and rudder systems today. Headquartered in Norway, Neuver Maritime operates across key maritime hubs, providing expertise and support through its global sales and service network. With a strong foundation built on innovation, reliability, and customer focus, Neuver Maritime continues to evolve, driving advancements in maneuvering technology for the future. Read more at www.neuver.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.