Longship Fund II (“Longship”) has as of March 20th, 2021 agreed to acquire 100% of the shares in Westcon Power & Automation AS (“WPA”) from Westcon Group AS (“Westcon”).
WPA is a leading system provider of hybrid- and fully electric propulsion systems and automation solutions to the maritime industry. The company is a forerunner in development of propulsion systems with hydrogen as main energy carrier and will in 2021 deliver the hydrogen-electric propulsion system to MF Hydra, the world’s first hydrogen powered car ferry. WPA reported a pro forma revenue of NOK 480 million with NOK 60 million in EBITDA in 2020. The company employs a total of 145 employees, and is headquartered at Karmøy, Norway.
“WPA has established itself as a leading provider of green propulsion systems through deliveries of more than 30 installations since 2016. Longship is impressed by the company’s competence and approach to drive maritime decarbonization, and we are looking forward to supporting WPA in the growth journey ahead”, says Hans Tindlund, lead partner for Longship’s investment in WPA.
“Throughout the transaction process we have thoroughly gotten to know Longship and their model for active ownership, and we are excited to embark on the next chapter of WPA together with them. We envision to establish WPA as a global provider of hybrid and electric power and automation solutions, and to continue delivering high quality products paving the way for a more sustainable maritime industry”, says Gunvald Mortvedt, Chief Executive Officer of Westcon Power & Automation AS.
“WPA has grown rapidly over the past years and is well positioned to take on further growth in a global market. We are proud of the role Westcon Group has played in the WPA success story. We are equally happy to have agreed with Longship, which is a well-suited owner to take WPA into the next chapter of the growth journey”, says Rune Lande, chairman of Westcon Group.
Longship is a transformational growth investor, developing successful lower mid-market companies into mature growth businesses with institutional and strategic value. We aim to create a scalable platform for sustainable growth and profitability in our portfolio companies and support them on their accelerated growth journey.
Management and employees will become owners in Westcon Power & Automation AS, as part of a broad Management Investment Program.
Longship was advised by Boston Consulting Group, Wiersholm, and EY. Westcon Group was advised by Sparebank1 SR-Bank Markets, Selmer, and Deloitte.
For more information, please contact:
Hans Tindlund, Partner, Longship AS
+47 92 66 99 66
hans.tindlund@longship.no
Gunvald Mortvedt, CEO, Weston Power & Automation AS
+47 982 12 457
gunvald.mortvedt@westcon.no
Rune Lande, Chairman of the Board, Westcon Group AS
+47 901 25 698
lande@eikesdal.com
About Longship:
Longship is a Norwegian private equity investor established in 2015 by an experienced team of investment professionals. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and are applying a transformational growth approach, organically and through M&A. The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market. Longship closed its second fund in November 2020 with commitments of NOK 1.7 billion.
About Westcon Power & Automation:
Westcon Power & Automation (“WPA”) is a leading provider of hybrid- and fully electric propulsion systems and automation solutions to the maritime industry. The company offers complete electrical and automation systems for newbuilds and re-builds, as well as a wide range of products and services to the maritime, offshore, and onshore based industry. The comprehensive portfolio of products ranges from complete power and automation systems to stand-alone products and concepts for machine safety, maintenance, and energy efficiency improvements. The company is a forerunner in development of propulsion systems with hydrogen as main energy carrier with its own development and test facilities at Karmøy, Norway. WPA was founded in Norway in 1988 as a continuation of ABB Marine, and was later acquired by Westcon Group.
