Following Mørenot acquisition, Hampidjan forms new offshore division

Members of the Hampidjan executive team.

Hampidjan Group, which purchased the Ålesund, Norway-based Mørenot Group in December 2022, has split into four divisions – one for fishing equipment, one for aquaculture equipment, one for equipment servicing, and a newly created division focused on offshore applications.

The Mørenot acquisition, which was first announced in December 2022 and which was approved by regulatory authorities in Iceland, Greenland, Norway, and the Faroe Islands in January 2023, was completed by the Reykjavik, Iceland-headquartered firm for NOK 1.1 billion (USD 99.2 million, EUR 92.4 million), which valued Mørenot at EUR 106.2 million (USD 113.9 million). The newly combined firm has approximate earnings before interest, taxes, depreciation and amortization (EBITDA) EUR 42 million (USD 45 million) – Mørenot's turnover in 2021 was EUR 129 million (USD 138 million) and EBITDA was EUR 10 million (USD  10.7 million) and Hampidjan’s sales in 2021 were EUR 173 million (USD 185 million) and its EBITDA was EUR 30 million (USD 32 million).

“We expect the change of ownership to create new opportunities, as there are several large synergies between Mørenot and Hampidjan. Both companies produce, sell and service fishing and aquaculture equipment, as well as equipment for oil and gas, and industry. However, their product offerings are different, and the companies complement each other very well,” Hampidjan CEO Bjørn Nogva said in a press release at the time. “By merging our two companies and utilizing both the production resources and the professional resources within both Hampidjan and Mørenot, we are creating a strong environment for further development of all our fields of expertise.”

Hampidjan currently operates in Scandinavia, Greenland, Iceland, Canada, and the United States, and has 2,000 employees worldwide. Nogva said the acquisition will allow the company to increase its geographical presence, broaden its range of products and services, and establish significant manufacturing capacities in Europe and Asia.

“We have big ambitions with Hampidjan Advant. We are facing a phase of development and growth where the merger of the companies is just the first step,” Nogva said …

Photo courtesy of Hampidjan

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