OTI Greentech Group AG, a leading provider of sustainable cleantech solutions has, following a period of reorganisation, relaunched its expansion activities and signed an agreement for the acquisition of 51% of Norwegian company Visionaire Energy AS from Visionaire Invest AS. In addition, OTI Greentech has secured an option to acquire the remaining 49%. The parties agreed not to disclose the purchase price. The transaction is expected to complete before the end of 2014. Additional expansion steps are in preparation.
Visionaire Energy is one of the leading providers of services to the oil and gas sector, as well as the offshore and marine industry in Norway. Through its operating subsidiaries RADA Engineering and Consulting AS and VTT Maritime AS the company expects turnover of approximately EUR 20m and net profit of EUR 1m in 2014. The group employs approximately 90 employees and has offices in Bergen, Oslo, Straume and Horten.
OTI Greentech expects to benefit from synergies in the marine and offshore sectors via its offering of environmentally friendly solutions for the cleaning of tankers and North Sea oil rigs, as well as in the treatment of oil residues. In the long term, there is high potential in the use of sustainable chemicals for the treatment and separation of drilling muds and in general EOR applications. OTI Greentech will also be promoting the engineering services of VTT Maritime via its distribution partners in Canada, USA and the Middle East.
“The acquisition of Visionaire Energy is an important milestone in the development of our company in one of the key growth markets in Europe. Norway is one of the leading marine and oil producing nations worldwide with high standards regarding sustainability and quality. In Visionaire Energy and its operating companies we have found a commercially oriented partner with strong contacts in the marine-, oil- and gas sectors,” says Stephan Rind, CEO of OTI Greentech.
Johnny Christiansen, Chairman of Visionaire Invest AS, says: “We see great potential for synergies with OTI Greentech and the chance to expand further in Scandinavia and internationally. For example in a recent contract with the Norwegian road authorities, we were able to set new technological standards and acquire valuable know-how when preparing for the construction of the world’s deepest and longest underwater tunnel which we now want to offer on an international basis with our new partner.”