French oil services group Technip SA (EPA:TEC) said today it had agreed to buy Norwegian offshore engineering and services contractor Ingenium AS, without specifying how much it had paid for it.
The target, which is based in Oslo, designs and develops mechanical and electro-hydraulic tools and equipment for the offshore oil and gas industry, as well as provides engineering services for marine operations. It employs 20 engineers in the subsea business.
Through the acquisition, the company adds complementary engineering capabilities and enhances its position in one of its key markets, Technip’s managing director Odd Stromsnes said. The buyer added that it had previously worked on different projects with the Norwegian firm.
Canadian Teachers’ Private Capital (TPC), the private equity investment arm of Ontario Teachers’ Pension Plan, has entered into an agreement to buy a 75% stake in Norwegian outdoor apparel designer Helly Hansen Group AS.
TPC will take the controlling stake from Altor Fund II for an undisclosed amount, the buyer announced on Friday. It noted that the fund will retain the remaining 25% in the apparel group.
Commenting on the transaction, TPC vice president and head of Teaches’ London office Jo Taylor said that the company recognises excellent opportunities to continue increasing revenues and international awareness outside its core European markets.
Oslo-based Helly Hansen specialises in designing, developing and marketing technical apparel for skiing, sailing, training and other outdoor activities. The firm has about 500 workers and generated a revenue of NOK1.58bn (USD259.2m/EUR212.4m) in 2011.
Its CEO Peter Sjolander said the company will seek an international expansion of the brand, more specifically in North America. The executive believes that the solid financial support and established global presence of its new owner will prove to be invaluable in helping Helly Hansen reach this goal.
Ontario Teachers’ Pension Plan is a Canadian single-profession pension plan with CAD117.1bn (USD115.2m/EUR94.4m) in assets as of the end of 2011. Its investment arm manages a global portfolio worth some CAD12bn.