Triton funds have signed a deal to buy Cubility from Energy Ventures, a statement about the acquisition said. Financial details of the acquisition were not disclosed.
The transaction is set to be completed by the middle of next month. This is the first investment Triton has made in the oil service space and its second investment in a Norwegian firm in nine months. Last summer, it bought critical infrastructure firm Infratek, the statement said.
Based in Sandnes, Norway, Cubility works in the oil services industry. Its award-winning innovation is called MudCube which is a solids control and waste management system geared specifically for drilling operations. With MudCube, consumption of mud, waste, and chemicals is lowered, automation is improved and health, safety and environment are enhanced. Statoil has given MudCube a Proven Technology designation in 2012. Maersk Drillng, Statoil and Chevron are just some of the other firms utilizing Cubility's MudCube technology, the statement said.
Triton Managing Partner Peder Prahl said in the statement, "Cubility is an innovative company with an exciting and proven technology. Triton has extensive experience of helping businesses to accelerate their development, and we look forward to working with CEO Even Gjesdal and his team to help Cubility achieve its potential. Norway is one of our core geographies, and we will be looking to buy more Norwegian businesses in the years to come. In Cubility, as in all other businesses we enter, we will be a responsible owner and an agent of positive change."
Triton funds look for investment opportunities in mid-sized firms in the industrial, business services and consumer/health sectors found mainly in Northern Europe such as Germany, Switzerland, Austria, Denmark, Finland, Norway and Sweden, the statement said.
Cubility Chief Executive Officer Even Gjesdal said in the statement, "The MudCube generates significant benefits for both rig companies and operators, both offshore and onshore. Conceptually not much has changed for the last 100 years in the niche market we operate in. Now, we have managed to introduce a completely new technology. The Triton acquisition brings in industrial experience and financial strength to the company, enabling us to access and support a larger portion of the market."
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