HitecVision announces investment in Vector International AS

Oslo/Stavanger, 1^st  June,  2006:

HitecVision Private Equity and Four Seasons Venture announced today that they have, through respective investment funds, made an investment in pipe connector specialist Vector International AS. 

Vector International is a leading provider of specialist flanges and other pipe connectors to the oil, gas and petrochemical industries. The company operates out of main offices in Norway and Wales, with sales offices in Scotland, England, the Netherlands, Dubai, Malaysia, Australia and USA.  The company’s main products have strong market positions and have shown rapid growth over the last years.

HitecVision and Four Seasons will invest equally up to NOK 230 million over the next two years, enabling the company both to finance its organic growth ambitions and to pursue selected acquisitions. The investment will be made through Vector Industries, a newly established company, which will serve as a platform for further acquisitions. Four Seasons has been a shareholder in Vector International since 2002, and the current investment signifies a commitment to supporting the company through the next phase of its growth.

Vector International employs about 120 people, and had 2005 revenues of NOK 220 million (≈ USD 36 million).  Further information about the company can be found at: www.vectorint.com.

Jostein Ueland, Vector’s CEO, states:  “The management of Vector International is very satisfied with getting HitecVision Private Equity and Four Seasons Venture as dominant owners of the company.  Vector International has successfully brought high-quality niche products to the international oil & gas industry through  investing in an international sales and marketing organization. The new funding capacity will put the company in a position to accelerate its growth by adding new products that can be marketed to the worldwide energy industry.”

Jan Borø, Partner at Four Seasons Venture, adds:  “The management team has done a great job and we have enjoyed a fruitful partnership with the team and other shareholders in growing Vector to what it is today from revenues of NOK 50 million in 2002, including the acquisition of Vector International UK in 2003. We see great potential in continuing to explore the international growth potential of the current products and potential new products through further acquisitions. Four Seasons is looking forward to supporting the management team and working together with HitecVision Private Equity in bringing the company to the next phase.” 

Finn Ivar Marum, Partner at HitecVision, comments:  “We have enjoyed excellent cooperation with Four Seasons Venture during the investment phase and look forward to working with the Vector team, which has impressed us with their entrepreneurship and drive.  Vector’s strong position in a global growth market makes it just the type of company we like to invest in.”