M&A Deal Summary

ABL Group Acquires Add Energy Group

On July 11, 2022, ABL Group acquired software company Add Energy Group from Progressus Management and EV Private Equity

Acquisition Highlights
  • This is ABL Group’s 1st transaction in the Software sector.
  • This is ABL Group’s 1st transaction in Norway.

M&A Deal Summary
Date 2022-07-11
Target Add Energy Group
Sector Software
Buyer(s) ABL Group
Sellers(s) Progressus Management
EV Private Equity
Deal Type Add-on Acquisition

Target

Add Energy Group

Stavanger, Norway
Add Energy Group is a provider of consulting and software solutions for unlocking efficiencies and improving uptime in the oil and gas sector. Add Energy Group was established in 1986 and is based in Stavanger, Norway.

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Buyer(S) 1

Buyer

ABL Group

London, United Kingdom
Category Company
Sector Business Services
Employees1,613
Revenue 251M NOK (2023)
DESCRIPTION

ABL Group is a global independent energy and marine consultant working in energy and oceans to de risk and drive the energy transition across the renewables, maritime and oil and gas sectors, offering the deepest pool of world-class expertise across marine, engineering and adjusting disciplines from more than 300 locations worldwide. ABL Group is based in London, United Kingdom.

DEAL STATS #
Overall 2 of 2
Sector (Software) 1 of 1
Type (Add-on Acquisition) 2 of 2
Country (Norway) 1 of 1
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-23 LOC Group

London, United Kingdom

LOC Group is an international provider of marine and engineering assurance services to the offshore oil & gas and marine markets. LOC Group was founded in 1979 and is based in London, United Kingdom.

Buy -

Seller(S) 2

SELLER

Progressus Management

Stavanger, Norway
Category Private Equity Firm
Founded 2006
PE ASSETS 550M NOK
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Progressus Management AS is a Norwegian private equity firm focused on investments in proven businesses that are past the initial establishment phase. The Firm looks for platform businesses poised for significant growth. Progressues invests in public and private companies and looks to commit 20 to 120 million NOK per transaction. The Firm will consider investing in a wide range of sectors, including IT/technology, energy, and manufacturing sectors. Progressus is an 'hands on' investor and generally seeks controlling positions. Progressus Management AS was formed in 2006 and is based in Stavanger.

DEAL STATS #
Overall 4 of 4
Sector (Software) 2 of 2
Type (Add-on Acquisition) 3 of 3
Country (Norway) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Safran

Stavanger, Norway

Safran is a risk, project, and portfolio management software company. Safran has a client portfolio of Fortune 500 Global customers, many from the Engineering & Construction, Energy, and Infrastructure & Transportation sectors, and new customers have been signed up globally both directly and through international partners and resellers. Safran was established in 1997 and is based in Stavanger, Norway.

Sell -
SELLER

EV Private Equity

Stavanger, Norway

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 1.0B NOK
Size Small
Type Sector Focused
DESCRIPTION

Energy Ventures is an independent venture capital firm that manages/advises four venture funds. It actively seeks early- to mid-stage investments in technology companies that deliver a marketable, proprietary product or service in the upstream oil and gas sector. Energy Ventures focuses on investments based in the North Sea area or North America with an international orientation. Established in 2002, Energy Ventures is based in Stavanger, Norway with additional offices in Aberdeen, UK, and Houston, Texas.

DEAL STATS #
Overall 26 of 32
Sector (Software) 3 of 4
Type (Add-on Acquisition) 18 of 23
Country (Norway) 11 of 12
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Abrado Wellbore Services

Houston, Texas, United States

Abrado Wellbore Services specializes in creating the optimum wellbore environment through the implementation of innovative downhole cleanout tools, chemical stimulation treatments, and video-based diagnostic technology services. Abrado Wellbore Services is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-13 Motive Offshore Group

Aberdeenshire, United Kingdom

Motive Offshore Group specializes in the manufacture, rental, and inspection of high-quality marine equipment to the onshore and offshore oil and gas and marine industries. Motive Offshore Group was founded in 2010 and is based in Aberdeenshire, United Kingdom.

Sell -
Mergr

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