Norway-based AGR Holdings (AGR) is to be taken over by private equity firm Silverfleet Capital in a deal worth NOK 1,640 million (€195 million).
The deal is expected to be completed on or around end of August 2014. AGR Holdings is the petroleum services division of Oslo-listed AGR Group, providing independent well management services.
Åge Landro, AGR's CEO, said: “AGR has enjoyed a strong market position and experienced great growth over the last few years whilst operating across all the main oil and gas hubs. We have grown by 13% annually over the last five years and have established ourselves as a truly global business."
AGR delivers well, HSEQ, reservoir and field management services to the upstream oil and gas industry. The company also offers rig access management, consultancy manpower, expert software solutions and tailored training.
Since 2000 AGR has completed over 500 well projects in 25 countries on six continents and completed more than 1,000 reservoir studies only in five years. AGR has offices in Norway, Australia, CIS, UAE, UK and the USA.
“Moving forward we are very excited to be partnering with Silverfleet Capital. We are committed to providing the highest quality of service to our clients and, with Silverfleet’s support, AGR will be able to continue an international expansion strategy and deepen its range of upstream services,” added Landro.
Silverfleet partner, Adrian Yurkwich, who will join AGR’s management board, said: “This investment offers an opportunity to back an excellent team that is providing the highest quality integrated solutions for the entire field life cycle of upstream oil and gas.
“We look forward to working with AGR’s management team to further expand its operations internationally.”