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Rapp Marine Group is acquired by global industrial group

Rapp Marine Group is acquired by global industrial group

December 2017: MacGregor has today signed an agreement to acquire all the shares in Rapp Marine Group (RMG). MacGregor is a part of Cargotec, an industrial group listed on the Helsinki Stock Exchange, with a turnover of approximately NOK 35 billion and 11,000 employees globally (2016). The transaction does not include RMG's production facility in Serbia. In parallel with the transaction agreement, a separate agreement has been signed for the delivery of product fabrication to RMG from the factory in Serbia.

-The negotiations have been ongoing for some time, and it is thus very satisfactory that we now have succeeded in reaching an agreement, says managing partner Bjørn Hesthamar with Nord Kapitalforvaltning. -It has been a close and long-lasting collaboration between RMG and Triplex, another MacGregor-owned company. These two companies are complementary, and the cooperation has included product packages for both fishery and research vessels worldwide, continues Hesthamar. Both of these companies have developed solutions and brand names that are highly acclaimed in the global markets they serve.

-Nord Kapitalforvaltning acquired RMG in December 2012. We have always had strong faith in RMG, but at the same time we saw significant investment needs in both the organisation, product development and to develop a more cost-effective production to release the company's potential.

-It has been a demanding process, but over the last eighteen months we have seen that all the efforts have paid off, and RMG has managed to take an attractive strategic position as a market leader in growing markets. 2017 will provide an operating profit before depreciation and amortisation (EBITDA) of approximately NOK 20 million, and with a record high order book of about NOK 350 mill. The company is well positioned for further growth in the coming years, says Hesthamar.

-When we now sell the company to a global industrial group like MacGregor, this is a compliment to both the company and our active ownership, and it is a confirmation that the new owners have ambitions for further growth on behalf of the company. –I am confident that this transaction gives RMG the right owner to ensure both high ambitions and developing new opportunities, continues Hesthamar.

-RMG was priced at about 16 million euros exclusive the new production plant in Serbia, and exclusive of the recently completed sale of the Nyholmen property. This is a price we are pleased with, and it reflects RMG's strong market position and strategic value, concludes Hesthamar.

 

For more information, please contact:

Managing partner Bjørn Hesthamar
Nord Kapitalforvaltning; tel. +47 950 11 222

General manager Høye G. Høyesen
MacGregor Norway AS; tel. +47 907 61 098

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