HitecVision exits Haaland
HitecVision Private Equity IV LP has divested its 40% shareholding in Haaland Group AS. Hatteland Gruppen, through Jakob Hatteland Logistics AS (JHL), has acquired the Fund’s shares.
During the two years that Haaland has been owned by the Fund revenues have increased by 50%, and are expected to surpass NOK 160 million this year. Haaland has also achieved strong margins. The Fund has been instrumental in laying out the growth strategy, structuring the business and providing growth capital.
Due to the growth, an expansion of the production capacity was required, and a large new production plant is currently under construction. The customer mix has gradually shifted over the past 2 years, and the majority of the customers are now within the electronics and traditional land-based industry rather than the oil & gas market. Hence, the Fund has in cooperation with Haaland and Bimi (40% owner of Haaland) been seeking a new, industrial owner for the company. JHL is a leading supplier of electronic and automated solutions, and is a long-standing customer and partner of Haaland.
“We are very pleased to have found such a good industrial fit for Haaland. The companies have signifcant synergy opportunities and has a strong relationship to build on. We are also pleased to have acieved a price, particularly in today’s market, which reflects the strong growth that Haaland has achieved the past years”, says Egil Stokka, Senior Partner at HitecVision.