News - 30.04.2013

Bandak Group continue growth through acquisition of ITM

Bandak Group AS and Breimyra Invest AS have signed an agreement which implies that Bandak Group acquires 100% of the shares in I O S Tubular Management AS (ITM).

«Bandak Group has adopted a strategy for strong growth over the next years. The acquisition of ITM is an important step in strengthening the group towards maintenance and aftermarket on the Norwegian continental shelf”, says CEO of Bandak Group Per Gunnar Borhaug. “ITM is a well run company with a strong market position and we look forward to have management and employees in ITM as part of Bandak Group. With their strong position within Tubular Service and with presence on the key offshore bases on the western coast of Norway, ITM and Bandak Group together will be well positioned to develop into a key supplier of services towards the maintenance market within both drilling and subsea going forward”.

ITM has approximately 75 employees and had revenues of NOK 140 millions in 2012. The company is located at the offshore bases in Tananger, Ågotnes og Florø. With its long experience and competence it has become the leading provider of Tubular Service to clients on the Norwegian Continental Shelf. ITM’s offering includes licenced premium threading of tubular goods, as well as manufacturing and deliveries of related accessories. In addition ITM has activities related to procurement and trading of tubular goods and related equipment.

After the acquisition of ITM, Bandak Group will have approximately 475 employees and anticipates to have a turnover exceeding NOK 800 million in 2013. Herkules Private Equity Fund III is majority owner of Bandak with an ownership above 80%.

The transaction requires approval from Norwegian Competition Authorities.

See also:

For further information, please contact CEO in Bandak Group, Per Gunnar Borhaug, on +47 907 39 441, or Tore Waaland Man. Dir ITM.+47 970 83 502.


Bandak Group is a leading supplier of products, systems and services to the oil&gass, maritime and defence&aerospace markets. The group is located in Lunde, Risør, Halden, Notodden, Ålesund and Kuala Lumpur. The Group manages significant resources for the implementation of complex system and product deliveries, including engineering and project management, advanced machining, certified welding, “surface engineering” (HVOF thermal spraying, plasma- and clad-welding, hardening etc.), installation, testing and documentation. The main shareholder of Bandak is Herkules Private Equity Fund III with approximately 80% of the shares, while the remaining shares are owned by the management and other key employees.

Herkules consists of three funds, with a total capital base of NOK 12.25 billion in committed capital from Norwegian and international investors. Herkules has the financial strength to acquire majority ownership positions in established companies with growth potential. More information to be found at: