M&A Deal Summary

HydraWell Acquires READ

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

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

M&A Deal Summary

Date 2022-05-16
Target READ
Sector Oil/Gas Exploration
Buyer(s) HydraWell
Sellers(s) Norvestor Equity AS
Deal Type Merger

Target

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(S) 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 STATS #
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(S) 1

SELLER

Norvestor Equity AS

Oslo, Norway

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 2.1B EUR
Size Large
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 is based in Oslo with an additional office in Stockholm.


DEAL STATS #
Overall 46 of 48
Sector (Oil/Gas Exploration) 1 of 1
Type (Merger) 1 of 1
Country (United Kingdom) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-25 Position Green Group

Oslo, Norway

Position Green Group is the Nordic leader in ESG software and consulting, helping its clients manage ESG risk and build resilient and sustainable organisations. 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. The purpose-built software Position Green Platform ensures that sustainability data meets equally rigorous requirements as financial data, and the expert advisors at Position Green Advisory help companies turn ESG ambition into impactful action. 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 prominent Northern European pest control provider, currently 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 -