Verdane Capital IV Twin signs realisation of TeamTec at 4x cost
Oslo — Industri & Montasjeservice AS (IMS) has today signed a definitive agreement to acquire all shares in TeamTec Invest AS (TeamTec). TeamTec is currently owned by Verdane Capital IV Twin AS (Verdane) and TeamTec Partners AS (employees of TeamTec). In addition to 100% of the shares in TeamTec Invest AS, the transaction also includes buildings and property related to TeamTec premises at Tangen in Tvedestrand.
“We are very pleased with this acquisition,” says the CEO of IMS, Roy Langseth. “We are a long-term industrial partner and use the same long-term business philosophy as the basis for this acquisition”, he says. “TeamTec has many talented employees and great products. IMS’s success is built on world leadership within our field, and same can be said for TeamTec in their niches – where they are a leader when it comes to both quality and technology. We see that a close collaboration will provide significant synergies for both companies. We envision that TeamTec continues as a separate company. IMS and TeamTec products and markets are a good match, yet so different that we do not foresee major simultaneous fluctuations in the overall activities. This could ensure jobs, and we can avoid unnecessary short term downsizing within the group.”
“Verdane has been a shareholder in TeamTec since 2006, and is impressed with how the company’s management has adapted its business model and increased its geographic presence to the growing strength of the Asian ship building market. Furthermore, TeamTec’s aftermarket business has been considerably upgraded and professionalized, and represents today a significant part of the total business. Now that TeamTec is sold, we are pleased that it is IMS, a local company, that takes over and we are sure they will contribute to further developing the potential of TeamTec”, says Arne Handeland at Verdane Capital Advisors.
35 of the employees have to date owned 40 % of TeamTec through their company TeamTec Partners AS. CEO of TeamTec Partners AS, Rolf A. Schoning, says the employees are looking forward to developing the company together with the new owner.
CEO of TeamTec, Olav Voie, is as IMS and Verdane, satisfied that it is a long-term industrial owner who now enters the company. “TeamTec has great potential for continued growth and profitability, and we are pleased to continue this journey together with IMS,” he says.
Now that TeamTec is sold, we are pleased that it is IMS, a local company, that takes over and we are sure they will contribute to further developing the potential of TeamTec.
About Verdane Capital Advisors
Verdane Capital Advisors has 25 years experience in the venture capital and private equity market as advisor to Verdane Capital funds. The funds act as liquidity providers for owners of unlisted assets, primarily by acquiring portfolios of unlisted companies, but Verdane Capital funds also selectively invest directly in medium-sized individual companies. The committed capital in the funds advised stands at over €500m, with a total of over 100 holdings in four different funds. Verdane Capital Advisors has 21 professionals in offices in Helsinki, Oslo and Stockholm. Example investments include: BytHjul, Codenomicon, Liaison Technologies, Mathem, Resman, SmartMotor, Wireless Maingate and MJP Marine Jet Power. Examples of earlier investments are AquaGen, Coding Technologies, Chipcon, DIBS, Nacre, Opera Software, Reslink and TradeDoubler. For more information, please visit www.verdanecapital.com
IMS is the world’s leading manufacturer of watertight steel doors for ships and offshore. IMS has its main production at Akland and Krana in Risør, and also production in the United States, Germany and Vietnam. IMS also has operations and production within the following areas: automation, machining, laser cutting, oil spill equipment, fire windows and service and after sales. For more information, please visit www.ims-as.com
TeamTec develops, manufactures and markets equipment for the shipping industry worldwide. The company is a world leader in its core niche, and has approximately 30% global market share for furnaces and equipment for waste incineration onboard newbuilding of ships. In addition, TeamTec manufactures and markets stripping ejectors (eductors), which are jet pumps driven by water or oil supplied from conventional pumps. Approximately 70% of the company’s revenue is equipment related and the remainder is generated from after market. In addition to its offices in Tvedestrand, TeamTec’s proximity to the far-east markets is secured through offices in Singapore and Shanghai, and a manufacturing co-operation with NLMC in China. For more information, please visit www.teamtec.no
Arne Handeland, Partner
Verdane Capital Advisors
+47 913 44 425
Roy Langseth, CEO
+47 926 67 007
Olav Voie, CEO
+47 911 69 684
Rolf A. Schøning, CEO
+47 901 69 920