Norway’s leading private equity fund Herkules has acquired Norwegian-headquartered oilfield technology specialist Petroleum Technology Co. (PTC), which has an operating base in Aberdeen, Scotland.
Herkules has signed an agreement to acquire a majority of the shares in PTC and will partner to significantly grow the company, which specializes in gas lift and wellhead integrity for the global oil and gas industry.
PTC is reported to be experiencing strong growth, and, as part of the deal, almost £14 million (NOK 120 million, or US$21.2 million) will be injected as growth capital.
Herkules is partnering with PTC’s current owners, of whom several are key members of the management team. PTC has a patent-protected product portfolio within the gas lift and wellhead integrity markets, and expects total revenues of approximately £21.5 million (NOK 200 million, or US$32.6 million) for 2013.