HitecVision purchases The Aarbakke Group.

The Aarbakke Group, a Stavanger, Norway-based supplier of precision manufacturing services to the oil and gas industry, announced today that it has entered an agreement for selling the company to the private equity firm dedicated to the oil and gas ndustry HitecVision.

The financial details remained undisclosed.

Aarbakke is a supplier of precision manufacturing services to the oil and gas industry, specializing in the manufacture of subsea and downhole equipment to extreme quality standards.

HitecVision AS is a private equity firm specializing in buyouts and growth capital investments in the oil and gas industry. The Firm targets investments in middle-market companies throughout North America (primarily US) and Northern Europe (primarily Norway and the UK). HitecVision seeks companies with growth potential and unique technologies. The Firm looks to invest $30 to $150 million in companies valued up to $300 million. Specific areas of interest include drilling/down-hole, exploration/production, field development, mid- and downstream, and subsurface. HitecVision AS was formed in 1985 and is based in Stavanger. The Firm has additional offices in Oslo and Texas.