HPEF IV has entered into an agreement to sell Seagull
HPEF IV has entered into an agreement to sell Seagull to a fund managed by Oakley Capital. The agreement was signed on 13 May 2019 and the transaction is expected to close in July 2019.
Seagull is the leading provider of competence & training management solutions for the maritime industry. The company was established in 1996 and is based in Horten, Norway.
HPEF IV invested in Seagull in June 2015. During HPEF IV’s ownership period, Seagull has experienced challenging end-markets with charter rates across its key customer segments at trough levels. Despite this, the company has achieved organic revenue growth and strong profitability improvement.
As part of the value creation plan, two add-ons were completed. The most recent acquisition, Tero Marine, closed in May 2019.
Due to strong cash generation, the company also managed to return substantial capital to its shareholders during the ownership period.