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Nord II sells Nobu Group to Tubacex and Senaat

Nord II sells Nobu Group to Tubacex and Senaat

A consortium comprising Tubacex and Senaat, has signed an agreement to acquire all the shares in Nobu Group. Tubacex is a listed multinational group and a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). Senaat is one of the United Arab Emirates’ largest industrial holding companies, managing and operating assets for the Government of Abu Dhabi.

Nobu Group is acquired from Nord Kapitalforvaltning and industrial investor Habu Holding. Nobu Group was established in Narvik in 2013 as an oil service company targeting the oil and gas industry in Northern Norway. In the wake of the oil & gas downturn, the Group repositioned and relocated to the Middle East, where it currently operates from one location in Dubai and one in Saudi Arabia, in addition to one location in Norway. – The Middle East is a market with great potential, but presence over time is essential to succeed, says Eimund Sletten, CEO of Habu Holding, who has been active in the region since 1992.

 

–Nobu Group is a good example of how industrial and financial partners can complement each other, as we did when Nord Kapitalforvaltning and Habu joined forces. Nobu Group has become a company of size and attractive strategic position, says partner Anders Høifødt. The revenues of Nobu Group have more than doubled, moving from NOK 110m in 2016 to 250m in 2018. The company achieved an EBITDA of NOK 70m in 2018, which implies an EBITDA % of 25.

 

–Nord Kapitalforvaltning is pleased to deliver a successful exit of Nobu Group to a buyer with a clear vision for further developing Nobu by leveraging its unique skills and organization with their own strengths in the Oil & Gas sector and strategic plans to create a leader in the region across a wider range of machining services, says Høifødt.

 

–We are very satisfied with the development in the company and the fact that we are handing over a company with growth and profitability despite a period of very challenging market conditions, enabling us to sell the company with a good return for our investors, Høifødt concludes.

 

Alantra has been the seller’s advisor in the process. The transaction is expected to close in March 2019.

 

For more information, please contact

Anders Høifødt

Tel: +47 412 04 415

a@nordkapital.no