EQT Private Equity to sell StormGeo to Alfa Laval
- EQT Private Equity to sell StormGeo, a global provider of software-based decision support for weather sensitive operations, to Alfa Laval at a transaction price of NOK 3,630 million
- StormGeo's weather intelligence contributes to safeguarding people, assets and operations, and helps its customers achieve greenhouse gas targets and reduce emissions, with more than 2.0 million tons fuel and 6.1 million tons CO2 saved since 2018
- During EQT's ownership, StormGeo has more than doubled revenues, EBITDA and number of customers as a result of strong organic growth, investments in digitalization and a number of strategic add-on acquisitions
STOCKHOLM, May 10, 2021 /PRNewswire/ -- EQT is pleased to announce that the EQT Mid Market fund ("EQT Private Equity") has agreed to sell StormGeo Holding AS ("StormGeo" or "the Company") to Alfa Laval AB ("Alfa Laval"), a world leader in heat transfer, centrifugal separation and fluid handling. The transaction price amounts to NOK 3,630 million.
StormGeo was founded in 1997 in Bergen, Norway, as a spin-off from Norway's largest commercial broadcaster, TV2. Through its scalable software solutions, StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy and onshore industries such as healthcare, hospitality, insurance and retail.
With extreme weather being the number one cause of business disruptions globally, StormGeo's point specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets and operations while minimizing downtime, improving ESG performance, saving fuel and resources.
During EQT Private Equity's ownership, StormGeo has transformed from a regional champion into a leading global provider of shipping- and weather-solutions, underpinned by a proprietary and automated data platform. Fueled by global megatrends such as climate change and digitalization, StormGeo has more than doubled revenues, EBITDA and number of customers, and the Company's platform has been significantly strengthened through investments in digitalization and six strategic add-on acquisitions. In 2018, StormGeo was elected a UN Global Compact Partner and has since proudly contributed to the Action Platform for Sustainable Ocean Business.
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