News - 04.01.2013

Herkules sells Beerenberg to Segulah

(Oslo, 4 January 2013) Herkules Private Equity Fund I has entered into an agreement to sell the oil service company Beerenberg to Segulah IV L.P., a UK Limited Partnership. Beerenberg is the leading supplier of services to the oil and gas industry on the Norwegian continental shelf within the areas of surface treatment, passive fire protection, insulation and scaffolding.

Herkules Private Equity Fund I acquired Dalseide & Fløysand Group AS from the founders and management of the company in 2006. In 2007 Bjørge Norcoat AS was acquired to strengthen the company’s foothold in the important Stavanger region. The Group changed name to Beerenberg in 2009 and has become one of the most respected and innovative companies within maintenance in the oil and gas industry. Beerenberg operates both nationally and internationally and its key customers are oil and gas companies and MMO contractors. The Company is headquartered in Bergen, Norway and has offices in Stavanger and Hammerfest, Norway, Houston, USA and in Kazakhstan. Estimated revenues for 2012 for Beerenberg are approximately NOK 1.5 bn and the Company has approximately 1,500 employees. During Herkules’ ownership period, the Company’s EBITDA has more than tripled from NOK 55 million in 2005 to NOK 175 million in 2012. Beerenberg has recently won large new contracts and expects strong growth in 2013 and forward, supported by an order backlog including options of approximately NOK 11 bn.

“Beerenberg has become a leading oil service company on the Norwegian Continental Shelf. During Herkules’ ownership the Company has, in addition to tripling its revenues, continued to invest in research and development and has increased the share of sales of proprietary products & services to a significant share of the overall profits. With this sale, Herkules Private Equity Fund I has completed another very successful investment” states Cato Haug, Partner, Herkules Capital.

Morten Walde, the CEO of Beerenberg says that: “Herkules has played an active and strategic ownership role in Beerenberg. The entire team at Beerenberg is very pleased with the active ownership and support from Herkules since 2006. We are also pleased that Segulah has committed itself to the continuing development of our company. This gives us the financial strength and stability that is so important in the current competitive situation.”

Herkules and Beerenberg management have sold 100% of the shares in Beerenberg Holding AS, to Segulah IV L.P. The transaction is subject to approval from Norwegian Competition Authorities and is expected to close by the end of February 2013.

Cato Haug, Partner, Herkules Capital
Telephone: +47 22 04 80 08

Morten Walde, CEO, Beerenberg
Telephone: +47 93 23 23 12

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. Companies owned by Herkules funds are: Pronova BioPharma, Noratel, European House of Beds, Beerenberg Corp., Micro Matic Norge, Tilbords, Hatteland Display, EFG European Furniture Group, Aibel, Nevion, Estrella Maarud, Gothia Financial Group, Bandak, New Store Europe, Enoro, Odlo Sports Group, Intelecom, Norsk Jernbanedrift, Helse Holding and Espresso House. More information to be found at:

Beerenberg is a leading supplier of multi-discipline services to the oil and gas industry. The company has grown to become an international business with around 1,500 employees, and it has offices in Norway (headquarters in Bergen), the US and Kazakhstan. The company also operates in a number of other countries, including Britain, Brazil and Malaysia. More information to be found at: