HitecVision V invests in Hitec Products Drilling
HitecVision acquires 60% of independent drilling and well solutions provider Hitec Products Drilling. Hitec Products Drilling iws a preferred provider of advanced, customised drilling solutions and well intervention systems for the offshore oil and gas industry.
The company is headquartered in Stavanger, Norway, with subsidiaries in the Aberdeen (UK) and Houston (US).
The investment is made from HitecVision’s most recent fund, HitecVision V, which was closed in March 2008. The Fund acquires 60% of HPD through a newly established holding company at an undisclosed price. Additionally, a substantial amount is committed to follow-on investments to support HPD’s future growth. The management and key employees of HPD hold 28 % of the shares, while other investors own 12% of the company.
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| Fund | HitecVision Private Equity V Argentum share 9.5% |
| Portfolio Company | Hitec Products Drilling |
| Date of Transaction | 2008-03-28 |
| Transaction | Acquisition |
| Seller | |
| Buyer | HitecVision Private Equity V |
| Size of Transaction | |
| Ind. Focus | Energy |
| Geography | Norway |
| Stage | Small/mid-cap buyout |