The newly formed investment company Novela Technology buys Bandak Engineering from the bankrupt estate of Bandak Group. The report Aalesund-based Novela Technology said in a statement Monday.
The acquisition happens after Novela Technology has signed an agreement with DNB to acquire 100 percent of the shares in Bandak Engineering. It will not be told how much they pay for the shares.
Ivar Nesset, who helped start up entrepreneurial adventure in Ship Equip, is general manager of Novela Technology.
Famous Name
Novela aS is behind the company Novela Technology and on the board of this company, we find several familiar names from the business Nordvestlandet Jon Erik Engeset, Jogeir Romestrand, Jan Change Vartdal and Leif Arne Langøy.
on its website the company said that they will invest in selected companies with “significant potential for growth and value creation” in that they create their own capital bases for each investment.
It is also pointed out that investment normally be realized within three to five years.
– Maintains expertise
Bandak Engineering has been providing products and services to customers in the marine offshore and subsea markets. Following the takeover changing its name to Kvenna EMT AS.
The local investors have faith in the future of Kvenna EMT, and are impressed with the knowledge of the company.
– New capital from Novela Technology and co-investors will ensure the continued operation and preserve the unique expertise the company, said the press release.
Erik Rongved, who is CEO of Bandak Engineering, says it is exciting with new local owners and that he is confident the company will develop positively in the future.
former Liaaen Technology
Bandak Engineering was formerly Liaaen Technology AS, but changed its name after they came in under Bandak umbrella in 2010.
the company is located on Kvennaneset in the town center and has around 40 employees.
Even when the parent company Bandak Group failed, earlier this summer, it was suggested that it could be a solution for continued operations of the subsidiary in Ålesund.
Minus the accounts
In 2015 they had a turnover of 83 million. It was far less than the record years of 2014 and 2013, when turnover was between 130 and 140 million.
The result before tax in 2013 totaled solid 10 million plus, but they got a peel in 2014, with a loss before tax of seven million. According to the accounts, it was still just over 20 million in equity in the company at the end of 2014.
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