EQT Mid Market acquires StormGeo, a global provider of weather-based decision support services.

EQT Partners, through The EQT Mid Market fund, has agreed to acquire 57.5% of the outstanding shares in StormGeo Holding AS from Reiten & Co, a Norwegian private equity firm, and TV2.

DNV GL, the world’s largest ship and offshore classification society, management and employee shareholders, will partner with and invest alongside EQT Mid Market to continue to grow and develop the Company.

StormGeo, led by CEO Kent Zehetner, was established in Bergen, Norway, in 1997 as a spin-off from TV2. The Company pioneered weather centric services for the growing offshore Oil&Gas industry and through consistent organic and acquisitive growth StormGeo has developed to become a leading global provider of weather-based, software-enabled decision support for operations at sea. Today, the Company has a global reach with 22 offices in 14 countries and more than 320 employees.

Weather is the most frequent cause of business disruption – StormGeo’s services help, among others, rig and vessel operators manage risk, improve planning and reduce down-time and thereby improve operational efficiency while also reducing fuel consumption and increasing onboard safety. The market for weather-based decision support is growing driven by several strong underlying megatrends including climate change and more extreme weather, technology development enabling more advanced products, health, safety and environmental requirements as well as operators focus on operational efficiency.

The parties have agreed not to disclose the transaction value. The transaction is expected to be completed during Q2 2014.