Progressus | Investing in supplier of sensors and measuring equipment
Private equity fund Progressus AS has acquired 70% of the company Teck-Skotselv AS. Founder and CEO Steinar Haugerud together with employees of Teck-Skotselv AS will own the remaining 30% of the shares.
Teck-Skotselv AS is Norway's largest manufacturer of instruments for temperature and pressure measurements for offshore and process industries. The company is a leader in custom-made and customized solutions. Through its subsidiary Wireless Netcommunication AS the company also delivers complete systems for wireless measurement and monitoring.
Teck-Skotselv AS turnover in 2008 was MNOK 107 with an operating profit of MNOK 18. The company's headquarters and manufacturing facilities are located in Skotselv in Buskerud, Norway. In addition, the company has sales offices in Bergen. The number of employees is 44 and is expected to grow - in part through the establishment of an office in Stavanger. Steinar Haugerud will continue as CEO of the company.
Teck-Skotselv AS has since the merger between Teck Instruments AS and Skotselv Instrumentation AS in 2003 delivered solid growth and good results and is now a healthy and profitable business. "I think it is still good growth and development opportunities for the company and that we will be able to utilize them in an even higher degree with Progressus on the ownership side. Their capital and expertise will make the company better able to achieve continued good development in the coming year for the benefit of our customers, employees, shareholders and the local community in Skotselv, "said CEO of Teck-Skotselv AS, Steinar Haugerud.
"We invest in companies with good growth potential, and bring them financial, strategic and operational expertise and resources. Teck-Skotselv AS has a good product portfolio and is working to launch several new products for existing and new markets. We believe the company has good prospects of success with its growth strategy, "says partner in Progressus Management AS, Ådne Grødem.