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M&A Deal Summary

HitecVision Acquires Pure Group AS

On January 1, 2004, private equity firm HitecVision acquired engineering company Pure Group AS

Acquisition Highlights
  • This is HitecVision’s 1st transaction in the Engineering sector.
  • This is HitecVision’s 7th transaction in Norway.
Investment Fate
  • Pure Group AS merged with another company in 2007.

M&A Deal Summary
Date 2004-01-01
Target Pure Group AS
Sector Engineering
Buyer(s) HitecVision
Deal Type Buyout (LBO, MBO, MBI)

Target

Pure Group AS

Norway
Pure Group AS, formed by Statoil and HitecVision with the vision to create an international industrial group based on technology originally developed for use on the Norwegian Continental Shelf.

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Buyer(S) 1

Buyer

HitecVision

Stavanger, Norway

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 8.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

HitecVision is a private equity firm specializing in buyouts and growth capital investments in the oil and gas industry. The Firm targets investments in middle-market companies throughout North America (primarily US) and Northern Europe (primarily Norway and the UK). HitecVision seeks companies with growth potential and unique technologies. The Firm looks to invest €150 to €500 million in companies. Specific areas of interest include drilling/down-hole, exploration/production, field development, mid- and downstream, and subsurface. HitecVision was formed in 1985 and is based in Stavanger. The Firm has additional offices in Oslo and Texas.

DEAL STATS #
Overall 9 of 64
Sector: Engineering M&A 1 of 4
Type: Buyout (LBO, MBO, MBI) M&A Deals 8 of 38
Country: Norway M&A 7 of 44
Year: 2004 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 RigNet

Houston, Texas, United States

RigNet, Inc. is a provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet was founded in 2000 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-11 MTEM

Edinburgh, United Kingdom

MTEM Ltd is a provider of electromagnetic (EM) services used to detect the presence of hydrocarbons. Company which produces resistivity profiles over prospective reservoirs to identify hydrocarbons before committing to costly drilling programs.

Buy -
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