Alfa Laval – provider of heat transfer, centrifugal separation and fluid handling solutions – has signed an agreement to acquire StormGeo – a weather intelligence and advanced data science company. The acquisition is part of Alfa Laval’s strategy to support the marine industry’s efforts to decarbonise and make operations more efficient. It will also enhance Alfa Laval’s knowledge within digital services. The closing is expected during Q2 2021.
StormGeo, headquartered in Bergen, Norway, employs 515 people in 15 countries and provides solutions and services for weather-sensitive operations, primarily in the marine industry, off-shore and other weather-dependent industries. The company’s weather information services help customers mitigate risk, improve safety and make sustainable choices on routes and operations. StormGeo was founded in 1997 and has since 2014 been under the ownership of EQT, DNV GL and a group of employees. Total sales in 2020 amounted to NOK 714 million (SEK 699 million). StormGeo will become a part of the Alfa Laval Marine Division.
The purchase price is fully financed via cash and amounts to NOK 3,630 million (approximately SEK 3,700 million) on a debt and cash free basis. Closing is expected during Q2 2021, subject to customary conditions. The acquisition is neutral to Alfa Laval’s EBITA margin and earnings per share.
“The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonisation challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space,” says Tom Erixon, President and CEO of Alfa Laval.
“We are very excited to be joining Alfa Laval. StormGeo will benefit from being owned by a market leading, long-term, industrial owner. We look forward to continuing to develop our business through further geographic and technological expansion together with Alfa Laval,” says Søren Andersen, CEO of StormGeo.