Palfinger planning to acquire Harding GroupCompany News // May 25, 2016
Palfinger Group says it plans to acquire Norway's Harding Group, which has a strong position in lifeboats and related services. Palfinger plans to acquire 100 per cent of the shares in Herkules Harding Holding AS and thus acquire Harding Group. The seller is a Norwegian private equity fund. By acquiring Harding Palfinger will add new products and an international service network to its marine business.
Subject to the positive outcome of a due diligence audit and final negotiations, the deal is due to be compted in the coming weeks. The acquisition is also contingent on the approval by the relevant authorities.
Harding is basedin Seimsfoss, Norway, and maintains operations in 16 countries around the world. In the marine industry, the service segment is an integral part of business operations, not least due to international regulations such as SOLAS. Harding secures around half of its revenue through lifecycle services. Its main products are lifeboats, rescue boats and davits. The company has customers all over the world in all the relevant segments such as offshore oil and gas as well as shipyards for deepsea vessels, tankers, container ships and passenger ships.
Harding Group was created in 2013 when Herkules Capital acquired Schat-Harding and Noreq. Schat-Harding was established in 1945 and had a strong position in high-end markets. Noreq was founded in 2006 and recorded brisk international growth. Since the group was created it has become a leading supplier of lifeboats. With a staff of approximately 800 employees, the company recorded revenue of around Euros 140 million in 2015.