RCS - McIntyre Partners - McIntyre Partners Acquires Moreld
08/01/2024 09:15
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RNS Number : 8542Y McIntyre Partners 08 January 2024
RNS REACH
McIntyre Partners Acquires Moreld, an Energy Services Group with Leading
Position on the Prolific Norwegian Continental Shelf
8 January 2024
- McIntyre Partners enters agreement with Moreld Group and its
owners (funds managed by HitecVision) and has purchased the core business of
Moreld Group, consisting of Moreld Apply, Moreld Ross Offshore and Moreld
Global Martine (collectively "Moreld")
- Moreld is a leading multi-disciplinary engineering group providing
blue-chip customers with services across offshore energy and marine industries
- McIntyre Partners consortium includes Velocity Partners, a newly
formed specialist private equity firm focused on energy and industrials
- Positions McIntyre to benefit from significant investment in
offshore activities, including field-life extension, decarbonisation and
renewables
McIntyre Partners ("McIntyre"), a private investment firm that partners with
management teams to acquire businesses from corporate and financial sellers,
is pleased to announce it has entered into an agreement with HitecVision, a
leading provider of institutional capital to Europe's energy industry, and has
acquired Moreld. Moreld specialises in offshore engineering services for the
energy and marine industries with estimated combined revenue of c.NOK5 billion
(US$484 million) in 2023.
McIntyre has partnered with Moreld's incumbent management, which will own a
significant minority stake in the group and share in the value creation.
Velocity Partners, a newly formed specialist private equity firm focused on
the energy and industrials sector, will similarly own a minority stake.
Moreld's longstanding banking relationship with SR-Bank will be continued.
Moreld has a long history and an established presence on the Norwegian
Continental Shelf, a prolific region of oil and gas fields that supplies
approximately 30% of Europe's gas. Currently, the region is undergoing a
period of significant capital investment due to tax incentives, field life
extension and decarbonisation.
Moreld offers a variety of complementary services, including:
· Maintenance, modification and operations of offshore assets to
improve production efficiency
· Implementation of decarbonisation solutions and extension of the
lifespan of critical infrastructure
· Total well management and marine management services within drilling,
well and reservoir operations
· Marine, offshore and engineering services to drive the energy
transition
Moreld serves a range of blue-chip customers such as Equinor, Vår Energi,
Aker BP, Total Energies, Shell, ExxonMobil and Chevron.
Julian McIntyre, Founding Partner at McIntyre, said: "McIntyre Partners was
created to identify unique investment opportunities and acquire profitable
companies in partnership with experienced management teams in sectors that are
undergoing transformation. We have searched extensively in the energy services
sector, which is facing a wave of new investment due to energy transition and
energy security, and believe we have found an industrial group with three
strong and growing companies that perfectly meet our criteria. We look forward
to working alongside Geir Austigard and his team to ensure Moreld remains
among the safest, most professional and innovative services providers in
Norway."
Geir Austigard, CEO at Moreld, added: "We are excited to work with McIntyre
and Velocity Partners as long-term owners to support us in meeting the growing
demand for our offshore services and positioning our group for long-term
success in a changing industry. Most importantly, we are continually striving
to improve the service levels that we offer our customers and the prospects
and fulfilment of our employees. We are enthused that McIntyre and Velocity
Partners share our focus on stakeholder management and we are confident about
our prospects together."
Mark Dickinson, Founding Partner at Velocity Partners, said: "Moreld is a
business I have known for a long time. It is a leader in engineering services
with a stellar management team. We believe that Moreld is perfectly placed to
support the offshore energy sector for decades to come. I am very pleased to
make Moreld the first company in the Velocity Partners portfolio and look
forward to working alongside Geir Austigard, his team and McIntyre to help
this business continue to grow and thrive."
Jone Skaara, Senior Partner with HitecVision, said: "Moreld is a great group
of enterprises and a significant player in the oil services market, and in the
Stavanger region in particular. We have owned most of Moreld for more than 15
years, and supported its development during ups and downs in the industry. We
are very pleased that McIntyre and Velocity Partners together with Moreld's
management team will continue to develop and grow Moreld into the future.
HitecVision's future investment strategy is focused on the energy transition
and renewable energy, and we will continue to exit our investments within the
oil & gas industry."
Advisors to McIntyre include Wikborg Rein, Carter Ledyard & Milburn,
Marriott Harrison, Piper Sandler and Ernst & Young. Advisors to
HitecVision/Moreld Group include Alpha Corporate, BTIG Norway, Schjødt and
Deloitte.
Contact Information
Alex Le May/ Ariadna Peretz/ Chris Laing
E: fti_mcintyrepartners@fticonsulting.com
T: +44 (0) 203 727 1340
Notes to Editors
About McIntyre Partners
McIntyre Partners is a private investment firm that focuses on acquiring
non-core businesses from corporate and financial sellers in energy, industry,
and infrastructure. By partnering with committed management teams, who become
owners in the business, McIntyre Partners offers low-risk transaction
execution and shared upside. McIntyre Partners is sector agnostic, able to
transact at speed and has a global mandate. Recent transaction experience
includes the acquisition of Greenfire Resources and subsequent acquisition of
JACOS in 2021 and IPO on the New York Stock Exchange in 2023.
About Moreld Apply
Moreld Apply is a leading company in the Engineering, Procurement,
Construction, and Installation (EPCI) segment covering modification and
maintenance of offshore assets that reduce Exploration & production
(E&P) operators' CO(2) footprint by improving production efficiency,
implementing decarbonisation solutions and extending the life span of critical
offshore infrastructure with innovative solutions and technology.
About Moreld Ross Offshore
Moreld Ross Offshore is a leading provider of total well management,
consultancy, project & marine management services within drilling, well
and reservoir operations to the upstream oil & gas industry on the
Norwegian Continental Shelf.
About Moreld Global Maritime
Moreld Global Maritime is a marine, offshore, and engineering consultancy
working to de-risk, innovate and drive the energy transition in the offshore
energy and marine industries that specialises in marine warranty, dynamic
positioning, and engineering services. It is renowned for structural
innovation, experience, operational excellence, and safety.
About HitecVision
HitecVision is a leading European entrepreneurial energy investor with EUR 8
billion of assets under management. The company is headquartered in Stavanger,
Norway, with other offices in Oslo, London and Milan. HitecVision has
extensive experience in successfully developing energy companies and has since
1994 invested in, acquired or established more than 200 companies. From its
history within oil and gas, the company has been transitioning towards
creating companies within the energy transition. In 2021, HitecVision
announced that all new portfolio companies will be companies that contribute
to the energy transition.
About Velocity Partners
Founded in 2023, Velocity Partners (http://www.velocity-partners.co.uk) is a
specialist private equity firm focused on the energy and industrials sector.
Founders Mark Dickinson and Neil Hartley bring decades of private equity
experience in the energy sector and a track-record of working collaboratively
with management teams and investors alike. Velocity Partners operates on a
deal-by-deal basis and seeks to invest in well-managed businesses with the
potential for strong long-term value creation. The firm is headquartered in
London.
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