Private equity fund Antin Infrastructure Partners is buying a majority stake in Norwegian wellboat company Solvtrans from Oaktree Capital Management, the companies announced in a statement.

Solvtrans CEO Roger Halsebakk and its Chairman Anders Hvide will maintain their current roles in the company and will continue to be significant owners, Solvtrans said.

Based in Aalesund, Norway, with about 300 employees, Solvtrans owns and operates the world's largest and wellboat fleet with 21 ships in operation and four ships under construction.

The company is the only global wellboat company with operations and interest in all the important farming areas in Norway, Scotland, Chile and Australia.

Solvtrans is currently owned by Oaktree Capital Management, Halsebakk and Hvide.

Under the new agreement, Antin will own the majority of Solvtrans, while Halsebakk and Hvide will continue to be significant owners.

The transaction marks a successful sale for Oaktree after Solvtrans was delisted in 2014 and follows years of strong growth through both newbuilding and acquisitions, said the statement.

“Solvtrans is a fantastic company that holds all the characteristics we look for at the portfolio companies,” said Mark Crosbie, managing partner at Antin. "The company operates in a market that is exposed to strong macroeconomic forces and is well positioned to benefit from the world's rapidly increasing consumption of proteins.

“Solvtrans, as a world leader in the wellboat market, has a very good market position and has great potential to grow further,” he said.

Simon Söder, the partner who heads the investment on behalf of Antin, said one of the most important forces with Solvtrans is the highly experienced management.

"We are very pleased that Roger Halsebakk and Anders Hvide will reinvest in the company and that they will continue to be significant shareholders together with Antin," he said.

Based in Paris and London with 13 partners and a total of over 80 professionals, Antin Infrastructure Partners manages three funds that invest in infrastructure in Europe and target investments in the energy and environment, telecommunications, transportation and social sectors.

The company has collected €8 billion ($9.3 billion) from over 100 "blue-chip" institutional investors and has so far invested in 22 companies.

Finance

PE fund buys majority stake in Norwegian wellboat giant