IK to acquire DNV Petroleum Services
Funds managed by IK Investment Partners (IK) have entered into an agreement with the Norwegian foundation Det Norske Veritas (DNV), to acquire its subsidiary DNV Petroleum Services (DNVPS), a global leader in fuel management services. Financial details for the transaction were not disclosed, the Company said in a press release.
Founded by the Norwegian foundation DNV in 1981, DNVPS is a leading global provider of fuel management services for the maritime and power sectors with customers including ship owners, managers and charterers as well as power plant operators. The company primarily operates within two segments, Fuel Quality Testing and Bunker Quantity Surveys, having pioneered the development of and were introduced in 1981 and 1987, respectively. DNVPS is currently the market leader within fuel quality testing with approximately half of the global contracted volume.
DNVPS has experienced strong growth since inception, reaching MUSD 50 in revenue with a business model resilient to cyclical freight rates. Headquartered in Singapore, the company employs 220 staff and has offices in Rotterdam, Houston, Fujairah and Oslo with four strategically located ISO 17025 accredited and specialised laboratories, supported by sales and customer support in 150 key shipping clusters. The business is uniquely positioned to provide fuel and cost-efficiency solutions and ensure regulatory compliance to its long-standing customer base.
Closing of the transaction is subject to legal and regulatory approvals.
About DNV Petroleum Services
DNV Petroleum Services (DNVPS) introduced the first commercial bunker fuel testing programme for ships in 1981. Today, it is a global provider of fuel quality testing and bunker quantity services, with a network of customer service offices across the world.
With four ISO 17025 accredited fuel laboratories strategically located in Fujairah, Houston, Rotterdam and Singapore, an R&D laboratory dedicated to conducting research and specialised fuel tests, and access to 150 key ports worldwide for bunker quantity surveys and round-the-clock technical assistance, DNVPS has the expertise and infrastructure to provide ship owners with fuel and cost-efficiency solutions and ensure compliance with regulatory requirements.
About IK Investment Partners
IK Investment Partners (IK) is a Pan-European private equity firm focused on investments in three regions; the Nordics, Germany/CEE and France Benelux. Since 1989, IK Funds has invested approximately €5.6 billion in over 80 European companies. IK Funds invests with the management of mid-sized companies that have strong improvement potential, operating in the business services, care, industrial goods and consumer goods sectors. The current portfolio comprises 24 companies.
