McIntyre Partners, a private investment firm that partners with management teams to acquire businesses from corporate and financial sellers, is pleased to announce it has entered into an agreement with HitecVision, a leading provider of institutional capital to Europe’s energy industry, and has acquired Moreld.
Moreld specialises in offshore engineering services for the energy and marine industries with estimated combined revenue of c.NOK5 billion (US$484 million) in 2023.McIntyre has partnered with Moreld’s incumbent management, which will own a significant minority stake in the group and share in the value creation. Velocity Partners, a newly formed specialist private equity firm focused on the energy and industrials sector, will similarly own a minority stake. Moreld’s longstanding banking relationship with SR-Bank will be continued.
Moreld has a long history and an established presence on the Norwegian Continental Shelf, a prolific region of oil and gas fields that supplies approximately 30% of Europe's gas. Currently, the region is undergoing a period of significant capital investment due to tax incentives, field life extension and decarbonisation. Moreld offers a variety of complementary services, including:
• Maintenance, modification and operations of offshore assets to improve production efficiency• Implementation of decarbonisation solutions and extension of the lifespan of critical infrastructure
• Total well management and marine management services within drilling, well and reservoir operations
• Marine, offshore and engineering services to drive the energy transitionMoreld serves a range of blue-chip customers such as Equinor, Vår Energi, Aker BP, Total Energies, Shell, ExxonMobil and Chevron.
Julian McIntyre, Founding Partner at McIntyre, said: “McIntyre Partners was created to identify unique investment opportunities and acquire profitable companies in partnership with experienced management teams in sectors that are undergoing transformation. We have searched extensively in the energy services sector, which is facing a wave of new investment due to energy transition and energy security, and believe we have found an industrial group with three strong and growing companies that perfectly meet our criteria. We look forward to working alongside Geir Austigard and his team to ensure Moreld remains among the safest, most professional and innovative services providers in Norway.”
Geir Austigard, CEO at Moreld, added: “We are excited to work with McIntyre and Velocity Partners as long-term owners to support us in meeting the growing demand for our offshore services and positioning our group for long-term success in a changing industry. Most importantly, we are continually striving to improve the service levels that we offer our customers and the prospects and fulfilment of our employees. We are enthused that McIntyre and Velocity Partners share our focus on stakeholder management and we are confident about our prospects together.”
Mark Dickinson, Founding Partner at Velocity Partners, said: “Moreld is a business I have known for a long time. It is a leader in engineering services with a stellar management team. We believe that Moreld is perfectly placed to support the offshore energy sector for decades to come. I am very pleased to make Moreld the first company in the Velocity Partners portfolio and look forward to working alongside Geir Austigard, his team and McIntyre to help this business continue to grow and thrive.”
Jone Skaara, Senior Partner with HitecVision, said: “Moreld is a great group of enterprises and a significant player in the oil services market, and in the Stavanger region in particular. We have owned most of Moreld for more than 15 years, and supported its development during ups and downs in the industry. We are very pleased that McIntyre and Velocity Partners together with Moreld’s management team will continue to develop and grow Moreld into the future. HitecVision’s future investment strategy is focused on the energy transition and renewable energy, and we will continue to exit our investments within the oil & gas industry.”