HitecVision announces investment in the Sorco Group
HitecVision Private Equity has acquired a 49 % stake of the Sorco Group, a Norwegian company specializing in systems and services to the petroleum industry.
The Sorco Group consists of privately held companies based in Stavanger, a city in the South Western region of Norway. Together the companies supply a wide range of services and technologies.
Over the last few years the group has experienced steady growth. Revenues have more than doubled since 2004, and the expected revenue for 2007 is USD 270 million. The company is expected to show continuous strong growth in the coming years.
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| Fund | HitecVision Private Equity IV Argentum share 21.8% |
| Portfolio Company | Apply Group |
| Date of Transaction | 2007-04-17 |
| Transaction | Acquisition |
| Seller | |
| Buyer | HitecVision |
| Size of Transaction | |
| Ind. Focus | Energy |
| Geography | Norway |
| Stage | Small/mid-cap buyout |