Alfa Laval to take over StormGeo
Swedish-based Alfa Laval will acquire StormGeo, a Bergen-based developer of weather intelligence software and decision support services, as part of a push to accelerate its digital services offering and decarbonization tools portfolio.
The purchase price amounts to approximately MNOK 3,630 ( $442 million) on a debt and cash-free basis.
“The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonization challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space,” said Tom Erixon, President and CEO of Alfa Laval.
“Joining Alfa Laval, a world-leading industrial owner, benefits StormGeo by developing our business through increased geographic and technological expansion,” said Søren Andersen, StormGeo CEO.
Closing is expected during Q2 2021, subject to customary conditions.
Following completion of the deal, StormGeo is planned to become part of Alfa Laval’s Marine Business Division.
Since Private Equity company EQT’s investment in StormGeo in 2014, StormGeo’s market and product positions were strengthened through investments in six strategic add-on acquisitions, including Nena, Applied Weather Technology, Nautisk, Grupo Climatempo, and DNV GL’s Insight and Navigator Insight products.
The company said that since 2018, StormGeo has saved its shipping customers 2.1 million MT fuel, thereby reducing CO2 emissions by 6.2 million MT, or the equivalent of removing 1,342,000 cars from the road for one year.