Norway: NORD II Becomes New Owner of Rapp Marine Group

Norway: NORD II Becomes New Owner of Rapp Marine Group

Private equity fund NORD II is coming in as the new owner of Rapp Marine Group. The aim is to help the continuing development of the Bodø-based industrial group through growth in a global market.

NORD II will supply fresh capital and engage in active ownership from the boardroom. Today’s chairman, Svenn Are Jenssen, will be the Group CEO, while other leading personnel in the member companies will continue as before. Olav Fjell will take over as chairman of the Group.

“Rapp Marine Group is a rock-solid industrial enterprise with a proud history and reputable products. We want to evolve Rapp Marine Group to become an even stronger North-Norwegian company based in Bodø,” declares Olav Fjell.

Rapp Marine Group operates in a global market and has the capability to hold a leading position in its markets worldwide. We have high ambitions for growth and continued development, and I am delighted that key personnel in management will continue on our journey,” explains the Chairman.

Fjell is excited that Rapp Marine Group is now rigging up to secure an even larger part of the growth that is being seen in the far north oil and gas industry, “North Norway’s industry needs strong players who are competitive in an international market,” believes Olav Fjell.

Today’s owners will remain onboard as Nord II enters the company as majority shareholder. “We feel we have attracted the perfect owners. They are serious and competent, as they have demonstrated during the months we have planned this take-over,” says incoming Group CEO Jenssen. For Rapp Marine Group this is the desirable and ideal way forward for the company, he believes. Previous majority owner, Thor P. Andersen, has been working long and hard to shape a successful generational hand-over in both management and ownership. “I feel we have achieved that now. Rapp has been my life for 54 years and I am convinced that the new owners will deliver on their responsibilities,” he says.

Nord II is a private equity fund which was established as a source of growth capital for well-established businesses. The Nord II fund managers are Nord Kapitalforvaltning AS. “We will be active owners who bring expertise to the boardroom and engage in strategic planning,” promises Kurt Jan Jensen, managing partner of Nord Kapitalforvaltning. Investors in the fund include savings bank Sparebank1 Nord-Norge, the national investment company Argentum, Gjensidige underwriters and the Spanish pension fund Geroa.

Industry in North-Norway is facing new growth opportunities, and particularly within the contractor industry for oil and gas activities, robust players are essential. This is an absolute necessity for involvement in the added growth that the oil industry represents. “Rapp Marine Group is a solid North-Norway enterprise,” as Bjørn Hesthamar, partner in Nord Kapitalforvaltning, explains: “This constellation combines private venture capital, sound strategic expertise and a well-run global industrial group. Growth will come through organic expansion combined with carefully chosen specialist acquisitions. The combination offers a unique opportunity for success,” believes Hesthamar.

[mappress]
Press Release, December 03, 2012