Sale to Private Equity
PTC to get Herkules as a majority owner
Herkules Private Equity Funds (“Herkules”) has signed an agreement to acquire a majority of the shares in Petroleum Technology Company AS (“PTC”)

Capital for growth

PTC is experiencing strong growth and as part of the transaction NOK 120 million will be injected into the company as growth capital. Herkules is partnering with the current owners, of whom several are key members of management.

PTC has a broad and patent protected product portfolio within the gas lift and wellhead integrity segments. The company offers products that are at the core of the oil companies’ focus by increasing reliability, safety and asset integrity while reducing operating cost and offering potential for increased production. The company has unique products outperforming large oil service competitors and is experiencing significant international growth. For 2013 PTC expects total revenues of approximately NOK 200 million.

Alpha Corporate Finance acted as the exclusive financial advisor to PTC.

PTC is a leading developer and supplier of gas lift and wellhead integrity products, catering to a broad customer portfolio consisting of the leading global oil companies. The company is headquartered in Stavanger with offices in Bergen, Aberdeen, Houston, Rio and Macae. PTC has a highly innovative organization with 72 FTEs.

Herkules is Norway’s leading private equity fund, with a total capital base of NOK 12.25 billion in committed capital from Norwegian and international investors. The funds invest in established companies with strong growth potential, either for organic growth or growth through acquisitions. Herkules focuses on companies based in the Nordic countries, primarily in Norway. Herkules acquires majority ownership positions in the companies and has strong experience of partnership with existing shareholders. Herkules has respect for the companies’ history, and takes an industrial approach, focusing on long-term growth.

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