Ferd Capital invested in Servi Group, and Interwell did one "add-on" investment.
The global macroeconomic climate was calmer in 2013 than in 2012. European markets stabilised, and the US market showed signs of improvement. On the other hand, some areas of the Norwegian economy showed signs of weakness, with residential property prices levelling off and slower economic growth due to a slowdown in the oil sector. As a result, oil and gas related companies reported weaker results in 2013, while other sectors experienced more variable performance.
2013 was an eventful year for many of our portfolio companies:
The change in ownership of Aibel was carried out, and the partnership with Ratos was established.
In July, Ferd Capital purchased 100% of the shares in Servi Group, the market leader for hydraulic solutions and systems for the Norwegian offshore industry. Ferd Capital purchased the company from the Swedish industrial company PMC Group, which is in turn owned by the Swedish private equity fund Segulah III.
Ferd Capital sold its ownership interest in Help Forsikring in May to ARAG SE. Napatech A/S was listed on the Oslo stock exchange in December, and following the listing Ferd Capital holds approximately 22% of the company's share capital.
Ferd Capital actively seeks "add-on" investments for existing portfolio companies, and in early 2014 Interwell increased its ownership interest in the well technology company Vosstech from 33% to 66%.
The Ferd Capital business area had 9 employees at the end of the year, who represent a broad range of experience from Ferd and previous employment. The members of the Ferd Capital team are all able to take on a range of roles in carrying out projects for evaluating new investments and during the ownership phase of our portfolio companies.
Ferd Capital has a portfolio of strong companies that are well placed to continue to create value in 2014 and future years.
Ferd also has a sizeable unused investment capacity, and will focus on working proactively with new investment opportunities, both in the form of “add-ons" to existing portfolio companies and potential new portfolio companies.
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