Watrium partners with HitecVision by acquiring the interests of the Gjedebo family in HitecVision AS.
HitecVision is Europe’s leading private equity investor focused on the upstream offshore oil and gas industry, with around USD 6 billion in total committed capital base. Since 2002, HitecVision has invested in, acquired or established more than 150 companies, including add-on acquisitions.
Following Watrium’s acquisition of the Gjedebo family’s interests, and other associated transactions, Watrium will own approximately 29 percent of the shares in HitecVision AS. The parties have agreed not to disclose the financial details of the transaction.
“We are impressed with HitecVision’s development and performance, and we see that HitecVision has a unique position as the leading oil and gas sector specialist in the private equity industry. HitecVision has delivered excellent returns in a consistent way and proven that it can manage a severe downturn. Its recent success with Vår Energi is the prime example of this. We look forward to supporting Ole and the rest of the HitecVision team,” says Anders Christian Wilhelmsen, chairman and chief investment officer of Watrium
Watrium is a private investment firm controlled by the Wilhelmsen family.
The foundation of HitecVision goes back to the Hitec system, when Jon Gjedebo, Ola Sætre and Ole Ertvaag established the first holding company for a portfolio of investments. In 2002, HitecVision raised their first institutional private equity fund. Since then, HitecVision has raised six further institutional investment funds.
Today, approximately 85 percent of the HitecVision funds’ capital is provided from investors outside Norway, from an investor base consisting of leading international institutional investors – including private and public pension funds, foundations, sovereign wealth funds, university endowments and fund-of-funds.
“We are thrilled that a long-term investor such as Watrium chooses to partner with us in the further development of HitecVision. We are excited about the prospects for the oil and gas industry in the North Sea and we believe the opportunities for us as serial entrepreneurs have never been better. With Watrium as partner, we will continue to invest in HitecVision’s team, presence and investment portfolio,” says Ole Ertvaag, CEO and founding partner of HitecVision.
Tore Gjedebo, CEO of Styrbjørn AS, the Gjedebo family’s investment company, added: “We are proud to have been part of the HitecVision journey and to have supported the development of a globally leading private equity player. We are pleased that our interests in HitecVision have found a new home in Watrium and we look forward to seeing a continued successful development over the coming years.”
Danske Bank acted as exclusive financial adviser and Wikborg Rein as exclusive legal advisor to Watrium and Moelis & Company acted as exclusive financial adviser to Styrbjørn AS on the transaction.