Bandak Group grows by acquiring Amek AS

Bandak Group AS and Strata Marine & Offshore AS have signed and entered into an agreement which implies that Bandak Group acquires 100% of the shares in Amek AS.

Published: 11 October 2011

- The Bandak Group has adopted a growth strategy where the goal is to have an annual turnover of NOK 1.5 billion over a five-year period. The acquisition of Amek is an important step in developing Bandak Group to a supplier of components and smaller systems to the oil & gas industry, says the CEO of Bandak Group, Bjarne Moursund.

- Amek, with its expertise and capacity in project execution, certified welding, machining, surface treatment and installation/testing, will strengthen Bandak Group within multidiscipline system deliveries. Together with Amek, Bandak Group will become a larger and more competent partner for our customers and we will have the capacity to take on a larger number, bigger and more complex deliveries.

Amek has approximately 100 employees and is located in Risør. The company has a long history as a supplier to demanding customers within the oil & gas segment, such as Aker Solutions, APL and GE Vetco. Amek does all its production, installation and testing in modern facilities along the E18 outside of Risør.

After the acquisition of Amek, Bandak Group will have approximately 400 employees and anticipates to have a turnover in the range of NOK 600 million in 2012.

The transaction requires approval from Norwegian Competition Authorities.

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For further information, please contact CEO of Bandak Group, Bjarne Moursund, tel. +47 97775005.

Bandak was established in 1938. The current head office is in Lunde, Telemark. The company has subsidiaries in Raufoss, Halden, Notodden, Ålesund, Porsgrunn and in Kuala Lumpur. The Bandak Group has its  majority of sales in the market areas of offshore, oil & gas & marine, but also provides advanced mechanical products for use within defense, aerospace and renewable energy. The Group has significant resources  enabling  complex system and product deliveries, including engineering and project management, advanced machining, certified welding, "surface engineering" (HVOF thermal spraying, plasma- and clad-welding, hardening etc.), installation, testing and documentation. An accredited calibration laboratory  is also included in the Group. The main shareholder of Bandak is Herkules Private Equity Fund III with approximately 75% of the shares, while the remaining shares are owned by the management and other key employees.