CapMan Buyout invests in Acona

CapMan press release - 14 December 2012 at 16:00 CET / 17:00 EET

CapMan Buyout invests in Acona

Funds managed by CapMan have agreed to acquire Acona Holding AS, one of Norway's leading providers of well and drilling services.

Acona is one of the largest independent companies in Norway providing consultancy services within the areas of Well Operations, Drilling, Risk, HSE, Flow Analysis and Emergency Response. The company is headquartered in Stavanger, Norway and has branch offices in Oslo, Bergen, Skien, and Tromsø in Norway, Great Yarmouth and Aberdeen in the UK and Baku in Azerbadjan. The company employs more than 370 people and turnover for 2012 is expected to be approximately NOK 800 million.

"We are excited about the acquisition of Acona, which marks CapMan's first investment in the oil services industry. The growth potential for providers of Well Management Services is expected to be significant. An increasing share of small and mid-sized E&P companies on the Norwegian and UK Continental Shelves, and constraints of human resources and competence for drilling operations are factors expected to drive demand for Acona's services going forward", says Hans Tindlund, Partner at CapMan Buyout and responsible for the investment.

"CapMan is a perfect partner for Acona's management team. We have developed a common view with regards to the future strategic development of the company. We are now looking forward to work with CapMan and I am confident that together we are well positioned to fulfill Acona's potential", says Oddbjørn Kopperstad, CEO of Acona.

Acona's main shareholder, IKM Invest AS, welcomes CapMan as the new owner of the company. "We have been involved with Acona more or less since the inception of the company. Acona has now reached a size and position where it is natural that a new owner takes over and continues to build and develop its success", says Ole Rettedal, CEO of IKM Invest.

The acquisition is expected to close in January 2013. The investment in Acona is the last from the CapMan Buyout IX fund. CapMan's next buyout investment will be made from the CapMan Buyout X fund which was established in November 2012.

For additional information, please contact:
Hans Tindlund, Partner, CapMan Buyout, tel. +47 9266 9966

Oddbjørn Kopperstad, CEO, Acona , tel. +47 905 51 477

CapMan www.capman.com
CapMan is one of the leading private equity firms in the Nordic countries and Russia, with assets under management of €3.0 billion. CapMan has four key investment partnerships - CapMan Buyout, CapMan Russia, CapMan Public Market, and CapMan Real Estate - each of which has its own dedicated investment team and funds. Altogether, CapMan employs approx. 110 people in Helsinki, Stockholm, Oslo, Moscow and Luxembourg. CapMan was established in 1989 and has been listed on the Helsinki Stock Exchange since 2001.

Acona www.acona.com Acona is one of the largest independent companies in Norway providing consultancy services within the area of Well Operations, Drilling, Risk, HSE, Flow Analysis and Emergency Response. Acona is the result of a series of mergers of companies providing niche competence services to the oil and gas industry in Norway since 1987, culminating with the acquisition of Fraser Offshore, a UK based Well Management Company, in 2012.

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