HAV Group ASA announces the acquisition of the remaining 22.72 percent of the shares of fast-growing subsidiary Norwegian Greentech AS (Norwegian Greentech), bringing HAV Group’s total ownership to 100 percent.
Norwegian Greentech is a supplier of ballast water treatment systems and various other water treatment systems for aquaculture and maritime use.
HAV Group is acquiring the remaining 22.72 percent of the Norwegian Greentech shares from Visimo AS, a company owned by current Norwegian Greentech executives Håvard Gjelseth and Børge Gjelseth as well as former technical manager Terje Gjelseth.
“We are pleased with the performance and outlook for Norwegian Greentech, and to retain the expertise of Håvard and Børge Gjelseth was a prerequisite for the transaction. We are delighted to continue working together to develop the company to leverage on many excellent opportunities. The global shipbuilding market remains buoyant, and Norwegian Greentech has built up a significant installed base that provides a solid foundation for aftermarket revenues. We believe Norwegian Greentech’s best years lie ahead of us,” says Gunnar Larsen, CEO of HAV Group.
The share purchase will be settled partly through 805,673 treasury-held shares in HAV Group ASA, valued at NOK 18 per share, and partly through a single digit NOK million cash consideration. The final purchase price reflects Visimo’s relative ownership interest prior to the transaction.
Håvard Gjelseth and Børge Gjelseth remain in their respective roles as managing director and sales & marketing director of Norwegian Greentech. Both executives have entered into a lock-up agreement for their shares in HAV Group ASA.
“HAV Group have for some time wanted to take full ownership of Norwegian Greentech, while we have wanted to retain our exposure to the company and gain exposure to the wider HAV Group. This share-based deal therefore works well for both parties,” says Håvard Gjelseth, managing director of Norwegian Greentech.
Norwegian Greentech was established in 2010 and designs, delivers, installs and services highly energy-efficient compact ballast water treatment systems (BWTS). Its BWTS is particularly suited for retrofits due to its small size and flexible installation. The company has secured fleet agreements with numerous major shipowners.
Fosnavåg-based Norwegian Greentech delivered operating income of NOK 167.5 million in 2021, a 123 percent increase from NOK 75.1 million in 2020. EBIT was NOK 14.4 million in 2021 versus NOK 8.6 million the prior year.
The transaction is expected to be completed on 31 May 2022.