Norvestor VII L.P. and Norvestor VII OS L.P., funds managed by Norvestor Equity, has signed an agreement to invest in Aberdeen-based READ Cased Hole, an independent provider of production logging and well integrity evaluation services.
“In READ Cased Hole, we are partnering up with a strong management team with proven track record and a history of building great businesses”, says Tor Erling Gunnerød, partner in Norvestor Equity and chairman designate in READ Cased Hole.
Following the acquisition, Norvestor will become the largest shareholder in READ Cased Hole with approximately 95% of the shares and the management team will hold the remaining shares. READ Cased Hole had consolidated pro-forma revenues of US$6.8 million (£5.5 million) in 2015 and is expected to grow by more than 20% during 2016.
“Our partnership with Norvestor marks a new era for READ Cased Hole, and they are as eager as we are to continue on our ambitious plan to consolidate our market position as well as expanding our range of services and geographical reach,” said Roy Martin, CEO, READ Cased Hole.