HitecVision is pleased to announce the sale of Stream AS to MRC Global (NYSE: MRC) for a total consideration of $260 million (NOK 1.600 million) on a 100% enterprise value basis.
HitecVision and Converto Capital acquired Stream in 2010 through the public to private transaction of Bjørge ASA. Subsequent to the delisting, a three-way demerger of Bjørge was carried out, and three independent companies were established at the start of 2011: Stream, Align and Naxys. Naxys was sold to GE in 2012 and Align remains as a portfolio company in HitecVision V L.P.
Under HitecVision and Converto’s ownership, Stream has develop to become the leading pipe, valve and fittings (PVF) distributor and provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf (NCS). Stream has seven facilities servicing the NCS and one facility serving the chemical industry in Germany. Stream operates through three divisions: Energy Piping, Solberg & Andersen and TeamTrade.
During our ownership period, Stream’s revenue has grown roughly 17% p.a. from 2010 to 2013, while EBITDA has grown by 28% p.a. in the same period. The game plan has entailed a number of add-on acquisitions in key areas and geographies.
MRC Global a Texas, USA Fortune 500 company, is the largest global distribution of pipe, valves and fittings to the energy industry.