Carco Group Acquires 100% Stake in Norwegian Seals.
Carco Group Acquires 100% Stake in Norwegian Seals
Fluid sealing solutions specialist Carco PRP Group has acquired full ownership of Norwegian Seals, completing the transaction on 31 July, CEO Andrea Chalp announced to Mergermarket.
Norwegian Seals, which generates over USD 15 million in revenue and employs 27 people, supplies sealing devices to leading oil and gas equipment manufacturers across Europe, the Middle East, and the Far East. The company is also the exclusive distributor for several major manufacturers, including Parker Hannifin, CDI Energy Products, Utex Industries, and Subdrill, according to Chalp.
Carco, a global leader in the design, production, and marketing of fluid sealing solutions for critical applications, reported annual revenues of approximately USD 220 million and an EBITDA of EUR 60 million. The group employs around 700 people, Chalp noted.
This acquisition significantly enhances Carco’s presence in the international oil and gas sealing sector. With nearly 125 years of history, Carco operates multiple production and distribution facilities in Northern Italy, the United States, and Canada, along with commercial subsidiaries in the U.S., Canada, South Korea, Germany, France, and China, Chalp added.
Founded in 2003, Norwegian Seals will retain its brand and strategic autonomy, with its entire management team confirmed in their current roles. Founder Tor Ole Reitan Havsø will continue to serve as CEO.
Carco was legally advised by Cecilie Andersen Haadem and Arild S. Frick of Wikborg Rein, while PwC’s Italian and Norwegian teams, led by Federico Mussi, handled fiscal and financial due diligence. Financing was provided by Pricoa Private Capital, the private capital division of PGIM, the investment management arm of Prudential Financial.
Norwegian Seals received legal counsel from Schjødt, with financial advisory services from Torbjorn Stole and Endre Viga Søndenå of PwC Corporate Finance Norway.
Summary:
• Norwegian Seals: USD 15M revenue, 27 employees
• Carco: USD 220M revenue, 700 employees
• Norwegian Seals' management team remains intact