Montagu Private Equity, one of Europe’s leading private equity companies, has just announced their agreement to buy Helly Hansen Pro, in a partnership with the existing management team from the Helly Hansen Group. Exact terms of the deal have not been revealed. Helly Hansen Pro is a leading provider of survival and personal protection suits to the offshore industry and shipping markets. Post acquisition, the Company is to be re-branded as Hansen Protection.
Helly Hansen Pro, headquartered in Moss, Norway, has around 140 employees and is predominantly active in the Nordic region. It is organized in three main business segments: survival suit rental, used by personnel during transport between land and offshore installations (oil and gas rigs); personal protection suits, used in other marine and hazardous environments (navy, chemical plants, fire brigades); and pro textiles, which includes boat canopies and products for the agriculture, industry and health sectors.
With the support of Montagu, management plans to continue its impressive track record of growth by expanding into adjacent markets and product categories, thereby capitalizing on the huge opportunities its markets provide.
“HH Pro is a well managed business, providing essential products and services in attractive, growing markets. The Company has an impressive track record and we are very excited about supporting the business in its next phase of development” said Montagu’s Anthony Greensmith, Director and Christian Rasmussen, Investment Director, in a joint statement.
Captain Hansen Terje Gorm Hansen, CEO of Helly Hansen Pro added: “Helly Hansen Pro is the leading supplier of survival and personal protection suits in its markets. In Montagu, we have found an experienced investor whose investment style, geographical reach and expertise is a great fit for our business and its strategy. With their support, I am confident that our business will continue to grow and prosper well into the future.”
The story of Helly Hansen started in 1877. After many years at sea, Norwegian captain Helly Juell Hansen and his wife Maren Margarethe began producing oilskin jackets, trousers, sou’westers and tarpaulins, made from coarse linen soaked in linseed oil. Over the first five years they sold some 10,000 pieces. In 1878 the company won a diploma for excellence at the Paris Expo and began exporting its products.
Montagu and The Nordic Region
Peter Dahlberg, Director and Head of the Nordic region at Montagu said: “In addition to HH Pro being an excellent company with great growth prospects, this investment also demonstrates Montagu’s ongoing commitment to the Nordic region, this being our second investment in Norway this year and our fifth sizable investment in the region over the past five years.”
Montagu, formed in 1968, focuses on deals between €100m and €1bn, but with capacity to go larger through co-investment arrangements. The firm has offices in London, Manchester, Paris, D?sseldorf and Stockholm. HSBC is a minority shareholder.