Merger • Oil/Gas Exploration

HydraWell Acquires READ

On May 16, 2022, HydraWell acquired oil/gas exploration company READ from Norvestor Equity

Acquisition Context
  • This is HydraWell’s 1st transaction in the Oil/Gas Exploration sector.
  • This is HydraWell’s 1st transaction in the United Kingdom.

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M&A Deal Summary

Date May 16, 2022
Target READ
Sector Oil/Gas Exploration
Buyer(s) HydraWell
Sellers(s) Norvestor Equity
Deal Type Merger

Target Company

READ

Aberdeen, United Kingdom
READ has been supporting oil and gas operators for almost 30 years. Around the globe, READ delivers quality production logging, well integrity and reservoir evaluation solutions. Whatever the conveyance – wireline, slickline or coiled tubing – its technologies and systems are compatible, in memory and real-time. READ was founded in 1990 and is based in Aberdeen, United Kingdom.
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Buyer Overview 1

Buyer

HydraWell

Tananger, Norway

Category Company
Founded 2008
Sector Machinery
Employees25
DESCRIPTION

HydraWell is a manufacturer of proprietary downhole tools enabling time and cost efficient plugging solutions for P&A, slot recovery and well repair through eliminating the need for section milling. HydraWell was founded in 2008 and is based in Tananger, Norway.


Deal Context for Buyer #
Overall 1 of 1
Sector: Oil/Gas Exploration 1 of 1
Type: Merger 1 of 1
Country: United Kingdom 1 of 1
Year: 2022 1 of 1

Seller Profile 1

SELLER

Norvestor Equity

Oslo, Norway

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 8.3B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Norvestor Equity is an independent private equity group focused on opportunities throughout Norway and the nearby Nordic region. Norvestor generally looks to acquire control positions in businesses with strong market positions, clear potential for sales and earnings growth, and motivated management. Sectors of interest include engineering/technology, food/beverage, IT, telecommunications, maritime equipment, oil services, power/energy, retail, and services/outsourcing. The Firm's investment size is €10 to €45 million in companies with enterprise values of €20 to €125 million. Norvestor Equity was founded in 1989 and is based in Oslo, Norway.


Deal Context for Seller #
Overall 47 of 53
Sector: Oil/Gas Exploration 1 of 1
Type: Merger 1 of 1
Country: United Kingdom 3 of 3
Year: 2022 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-25 Position Green Group

Oslo, Norway

Position Green Group is a specialist provider of ESG software and consulting services in the Nordics. The Company provides an integrated ESG offering combining specialised advisory services with data-driven software, e-learning and executive training across environmental, social and governance domains. Position Green Group is based in Oslo, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Tyro Group

Elverum, Norway

Tyro Group is a Northern European pest control provider, consisting of Vergo in the UK and Pelias in Norway. Tyro Group provides a full-service pest-control offering, including removal of different types of pests (e.g., rodents, birds, bugs), proactive preparation of facilities to mitigate pest infestations, as well as food safety and hygiene services. The company provides it’s offering on a nationwide basis in the markets in which it operates and focuses mainly on commercial and public sector clients, helping them ensure quality and hygiene in their operations. Tyro Group is based in Elverum, Norway.

Buy -