Altor divests Enhanced Drilling to Energy Ventures Private Equity
On July 15, the Altor 2003 Fund and Altor Fund II (jointly “Altor”) signed and closed the sale of Enhanced Drilling Holding AS (“Enhanced Drilling”) to Enhanced Well Technologies AS, a company owned and controlled by EV Private Equity and a major global oil company.
EV Private Equity has been one of the most active investors in the oil and gas sector in recent years, and will together with its co-investor bring significant industry expertise and experience to the company, contributing to the growth and success of Enhanced Drilling.
“We are happy that Enhanced Drilling’s leading technology has been recognized by the sector specialist EV Private Equity team and their co-investor, and we believe that the company has an exciting future ahead of it.” says Eivind Reiten, Chairman of Enhanced Drilling for multiple years and also an advisor to the Altor Funds. Altor initially invested in AGR, from which Enhanced Drilling was spun out, in 2004.
About Enhanced Drilling
Enhanced Drilling supplies innovative technical solutions and services to the global offshore industry. It has offices and facilities in Norway, Australia, Malaysia, Azerbaijan, Canada, the UK and the USA. For further information, please visit the Enhanced Drilling website at enhanced-drilling.com.
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit www.altor.com.