Deal Details

Sale to the Freudenberg Group

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Summary

About

Vector Technology Group AS (“Vector” or the “Company”), a portfolio company of HitecVision AS (“HitecVision”), recently completed its sale to the Freudenberg Group (“Freudenberg”). Terms of the transaction were not disclosed.

Vector is a major single source supplier of high integrity sealing solutions for offshore oil & gas platforms, floating production, storage and offloading vessels, subsea riser, swivel, flow-line and manifold applications, and refineries and petrochemical plants. Founded in 1978, Vector employs 280 associates and has locations in Australia, Brazil, Malaysia, Norway, the United Kingdom and the United States. Vector is headquartered in Lysaker, Norway.

HitecVision is a leading investor in the international oil & gas industry, providing capital and competence to growth companies in Europe and North America. HitecVision was founded in 1985 and has total committed capital of $3 billion. HitecVision is headquartered in Stavanger, Norway.

Freudenberg is a family-owned corporation that develops and manufactures seals, vibration control components, filters, nonwovens, surface treatment products, release agents, specialty lubricants, and medical and mechatronic products. Freudenberg employs over 37,000 associates in 58 countries. Freudenberg was founded in 1849 and is headquartered in Weinheim, Germany. Freudenberg Oil & Gas was formed in 2011 and provides innovative seal solutions and differentiated seal products to the global oil & gas industry, focused on the exploration and production (upstream) segment.

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