Mongstad Refinery, Norway: Veltec also carries out maintenance contracts at this location.
Jernbro is one of around 20 portfolio companies worldwide of the private equity firm Bluewater, which specializes in the energy sector. The company, based in Gothenburg, currently has more than 1,000 employees at 30 locations in Sweden. By moving into neighboring countries and acquiring Veltec Nordics Holding, the network is growing by five locations and around 300 employees. The volume of the transaction was not initially disclosed.
Bochum-based PSS (Plant Systems & Services) has around 600 employees in Germany and recently achieved sales of around 240 million euros. The decision to separate from the business areas in the north is part of a strategic initiative to concentrate on its core business in Germany, the group said in a statement.
Bluewater, which is behind the buyer Jernbro, says it currently manages capital of around 2.3 billion euros. It is currently focusing primarily on projects or technologies that contribute to the energy transition. The transaction is expected to be completed in September 2024.
Advertisement Jan Balssen
Consultant Jernbro
Gleiss Lutz (Munich): Dr. Jan Balssen (lead), Dr. Stephanie Dausinger (both Corporate/M&A), Dr. Stefan Mayer (tax law; Hamburg), Dr. Alexander Molle (IP/IT; Berlin); Associates: Dr. Adrian Schulz, Dr. Pirmin Schreiner (Berlin; all Corporate/M&A), Dr. Dominik Monz (Frankfurt), Jochen Pfleger (Hamburg; both tax law), Christian Eulenpesch (IP/IT; Stuttgart)
Wikborg Rein (Oslo): Sigurd Opedal (Federführung; Private Equity/M&A), Jonathan Kjerschow; Associate: Fredrik Løvberg (both Corporate/M&A)
Accurately (Copenhagen): Jakob Vinther (Federführung), Morten Steensen Jacobsen (both Corporate/M&A), Kim Toftgaard, Philip Hundahl, Sebastian Roed (all Banking and Financial Law)
Malte Hiort
Consultant PSS Group
GvW Count of Westphalia (Düsseldorf): Dr. Malte Hiort (lead; Corporate/M&A), Dr. Arne Schmidt (tax law; Hamburg), Christian Kusulis (antitrust law); Andrea Torka (banking and finance law; Frankfurt), Marius Bodenstedt (employment law; Hamburg); Associates: Laura Wemper (Corporate/M&A), Alexander Rösch (antitrust law; Frankfurt)
Wiersholm (Oslo): Gunhild Dugstad (lead; Corporate/M&A) – known from the market
Plesner (Copenhagen): Michael Hur Bertelsen (lead; Corporate/M&A) – known from the market
Notary
Goering Schmiegelt & Fischer (Frankfurt): Roland Bergfeld – known from the market
background: Gleiss Lutz and its partner Balssen were on the case for Jernbro for the first time. Contact was made via the Norwegian unit responsible on site, Wikborg Rein. The German team subsequently won a pitch.
The Düsseldorf-based GvW partner Hiort has been supporting the PSS Group for many years. He was already mandated to purchase Veltec from the Leadec Group in 2018. The corporate/M&A specialist opened the Düsseldorf GvW office in 2012.
GvW called on Wiersholm and Plesner from Oslo and Copenhagen as local counsel. Both, like the buyer’s advisors, are among the top firms in their countries.
