Norvestor V divests Cegal Group AS

Norvestor V, L.P. (“Norvestor V” or “the Fund”), has signed an agreement to divest Cegal Group AS (“Cegal” or “the Company”). The buyer of the company is a newly formed fund vehicle (“SPV” or “Norvestor SPV I”) with funds managed by the private equity team of DWS and Argentum acting as cornerstone investors.

Cegal is a leading provider of mission critical cloud, software and data management solutions to the global oil and gas industry. Since becoming a Norvestor portfolio company in January 2011, Cegal has transformed from a local IT services provider based in Stavanger, Norway, to a global market leader within its market niche operating from locations in Stavanger, Oslo, London, Aberdeen, Houston and Dubai. During the same period, the Company has increased revenues from NOK 120 million in 2011 to NOK 793 million as of LTM Q3 2019 through strong organic growth and targeted acquisitions. The Company has an all-time high contracted backlog of more than NOK 2.5 billion and is set to continue its high growth and international expansion.

*“Taking part in developing Cegal from a local champion in IT operations in 2011 to a global leader in cloud computing for the oil and gas industry has been an amazing journey”, says Henning Vold, Partner at Norvestor and outgoing Chair of Cegal; “To manage growth from 60 to 400 employees and a global organisation while maintaining the culture has been the cornerstone of the Company’s success”. *

Following a structured sales process which produced several offers, a consortium of investors proposed a structure whereby a new fund (“Norvestor SPV I”) will own 75-80% of the new holding company and the Company’s management and employees holding the remaining part.

“We are very enthusiastic about the opportunity to continue to support the Cegal team through the Company’s next growth phase. Cegal has become the technology leader within its space and is well positioned to capitalise on the significant digitalisation opportunity within its current core market. We also see a potential in other data intensive industries, enabling customers to benefit from the rapidly developing cloud technology which we believe will redefine a vast number of critical work processes”, says Fredrik Gyllenhammar Raaum, Investment Director at Norvestor.

“Cegal has demonstrated a strong track record of profitable growth. Norvestor has supported us and shared their expertise and knowledge, helping us to realise our potential and to focus our efforts. We are very happy to have the opportunity to continue this exciting journey together. We are extremely proud of the position Cegal has established and believe we have a very solid platform and momentum for further capitalising on the technology we have invested heavily in over the last years.”, says Svein Torgersen.

Norvestor was advised by Stifel Global Technology Group, ABG Sundal Collier and Schjødt.

For further information:

Henning Vold, Partner in Norvestor Telephone: +47 908 79 581 Email:

Lars Grinde, Managing Partner in Norvestor Telephone: +47 402 11 444 Email:

Svein Torgersen, CEO of Cegal Group AS Telephone: +47 908 67 433 Email:

Cegal is s trusted partner delivering cloud solutions, software and consultancy within IT and operations, geoscience and data management for oil and gas. The combination of IT and geoscience domain expertise makes the company an attractive partner to its clients in the oil and gas exploration and production industry. Cegal’s business model based on delivery of scalable as-a-service solutions. With significant investments in product and services over the last years, the company has a unique offering, and it is well positioned to service clients’ future needs. Cegal is a global company with more than 400 employees located in Stavanger, Oslo, London, Aberdeen, Dubai, Houston, Kuala Lumpur and Calgary. Read more at

Norvestor is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 71 investments with >250 add-on acquisitions, in addition to executing 48 exits, including 15 IPOs. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in Norway and Sweden, with potential to achieve a leading Nordic or international position either through organic growth, through acquisitions or by expanding into new countries. Read more at