Progressus sells Metron
Progressus is pleased to announce the sale of Metron AS to RIT Capital Partners Plc returning 3,3 times investment cost in less than four years.
Headquartered in Skotselv, Metron is Norway’s largest manufacturer of instruments for temperature and pressure monitoring for offshore, marine and process industries. The company represents some of the leading suppliers in the areas of level, pressure and temperature monitoring and process control and analysis. Metron is a high quality supplier which capitalizes on its ability to deliver tailor made solutions to its clients. The company has a very strong position in the Norwegian market, and is now expanding its presence internationally.
Progressus acquired the majority ownership of Metron in December 2009, with the objective of strengthening the company´s market position. Progressus implemented a growth strategy working alongside CEO Steinar Haugerud and his management team in developing the company into one of the leading providers of instrumentation and control solutions to the oil and gas industry in Norway.
“During Progressus´s ownership, Metron has grown sales from NOK 96 million in 2009 to NOK 220 million in 2012, and earnings have increased significantly during the same period. In 2012, Metron delivered an EBITDA of NOK 50 million, translating to an EBITDA margin of 23 %. The company now has a solid platform for further growth, both in Norway and internationally, and we believe RIT will be an excellent partner for Metron going forward.” says Ådne Grødem, partner in Progressus and outgoing Chairman of Metron AS.
Metron has been a good investment for Progressus, providing an internal rate of return (IRR) of 49 %. Total proceeds from this transaction will return approximately 60 % of total paid in capital in Progressus first fund.
“Progressus has been an important partner for Metron in developing the company. They have given strong support to management in defining and executing the company´s growth strategy. Now we are ready to face new challenges and grow the company internationally, and we are pleased to have RIT as a partner in developing Metron further. They have an international network which I believe will be valuable for the company going forward.” says Steinar Haugerud, CEO of Metron AS.