The Gjerdrum family acquires 100% of the shares of PG Flow Solutions AS from the EnFlow group. In 2014, Norvestor become the majority shareholder of the pump and liquid handling specialist and Per Gjerdrum founded the company 40 years ago.
According to a press release, PG has recently conducted a successful transition through significant cost reductions. Firstly, it has developed and delivered a number of products and systems to the aquaculture and fisheries industries plus land-based industry.
To clarify, the majority of PG Flow Solutions' revenues have come from offshore energy and maritime industries. In addition, PG's core offering will continue to be proprietary pump solutions and liquid handling systems.
Thereby, the Gjerdrum family will inject new capital into PG. This will strengthen the company's foundation for further development of its product offering for the aquaculture, fisheries, energy, and land-based industries, but also finance even stronger growth efforts both in Norway and internationally.
Besides, Roy Rødningen will continue as managing director of PG, while Mads Gjerdrum becomes the new chairman. Regarding this, Gjerdrum said: "We are facing major market opportunities within the maritime industries and the energy sector."
"New ownership means increased investments in these industries. While at the same time maintaining the position we have built up in aquaculture and land-based industries. We will also continue the excellent cooperation we have with our former sister company Cflow Fish Handling AS," she added.
On the other hand, the departing chairman of PG and CEO of Cflow, Stig Bjørkedal, noted: "It is fully understandable that PG wants to capitalize on the growth opportunities in the energy and maritime industries. However, this direction is not a natural part of our strategy. We are therefore pleased that we can divest the company to the Gjerdrum family."
