HitecVision announces investment in Poseidon Group
HitecVision Private Equity AS has acquired 40% of Poseidon Group, a supplier of technology to the petroleum industry. Solutions offered by the Poseidon Group include down-hole and sub-sea equipment, flow lines, umbilical and process interface.
The Poseidon Group was established in 2000. It is headquartered in Stavanger, a city in the South Western region of Norway, with offices located in Trondheim and Aberdeen. The Group has 135 employees, and consists of a mother company with three subsidiaries.
HitecVision’s investment will be made from HitecVision Private Equity IV LP, and closing is subject to satisfactory due diligence. Additional investments are also intended, in order to cement the position of the group in the international sub-sea market.
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| Fund | HitecVision Private Equity IV LP Argentum share 21.83% |
| Portfolio Company | Subsea Technology Group |
| Date of Transaction | 2007-04-30 |
| Transaction | Acquisition |
| Seller | |
| Buyer | HitecVision Private Equity IV LP |
| Size of Transaction | |
| Ind. Focus | Energy |
| Geography | Norway |
| Stage | Small/mid-cap buyout |