EV Private Equity completes deal to purchase Enhanced Drilling from Altor
Enhanced Well Technologies AS, a company owned and controlled by EV Private Equity (“EV”) and a major global oil company, has completed the purchase of Enhanced Drilling Holding AS (“Enhanced Drilling”) from the Altor 2003 Fund and Altor Fund II (jointly known as “Altor”).
Altor initially invested in AGR, from which Enhanced Drilling was spun out, in 2004, while EV has been one of the most active investors in the oil and gas sector in recent years. Together with its co-investor, EV will bring significant industry expertise and experience to Enhanced Drilling, contributing to the planned growth and success of the company.
Greg Herrera, Senior Partner at EV said: “We are focused on investing in businesses which demonstrate high growth potential and Enhanced Drilling is an excellent example of this. The company has a long history of innovating and developing new solutions to industry-wide drilling problems, which has been the cornerstone of its success to date and will continue to shape the business moving forward.”
Kjell Jacobsen, Executive Chairman at EV added: “Enhanced Drilling is a strong addition to the EV portfolio of companies. The team’s in-depth expertise, extensive customer base and well-developed technology roadmap present an excellent springboard for future growth and we look forward to elevating the company to new heights.”
Eivind Reiten, Chairman of Enhanced Drilling and advisor to the Altor funds, said: “We are happy that Enhanced Drilling’s leading technology has been recognized by the sector specialist EV Private Equity and its co-investor, and we believe that the company has an exciting future ahead of it.”