The Gjerdrum family acquired 100% of the shares of pump and liquid handling specialist, PG Flow Solutions AS, 40 years after Per Gjerdrum founded the company.
“Although we have been shareholders of PG Flow Solutions (PG) through EnFlow since 2014, it feels like the company is coming home. We are facing major market opportunities within the maritime industries and the energy sector. New ownership means increased investments in these industries, while at the same time maintaining the position we have built up in aquaculture and land-based industries. We will also continue the excellent cooperation we have with our former sister company, Cflow Fish Handling AS (Cflow),” said Mads Gjerdrum.
In 2014, private equity company Norvestor became the majority shareholder of PG. Since then, the energy sector and the maritime industry have suffered from turbulent market conditions. In recent years, PG has conducted a successful transition through significant cost reductions and by developing and delivering a number of products and systems to the aquaculture and fisheries industries plus land-based industry. Historically, the majority of PG Flow Solutions’ revenues have come from offshore energy and maritime industries.
“It is fully understandable that PG wants to capitalize on the growth opportunities in the energy and maritime industries, which a large part of the company’s history is founded upon. However, this direction is not a natural part of our strategy, and we are therefore pleased that we can divest the company to the Gjerdrum family,” said Stig Bjørkedal, departing chairman of PG and CEO of Cflow.
PG’s core offering will continue to be proprietary pump solutions and liquid handling systems.
The Gjerdrum family will, as part of the transaction, inject new capital into PG. This will strengthen the company’s foundation for further development of its product offering for the aquaculture, fisheries, energy and land-based industries, but also finance even stronger growth efforts both in Norway and internationally.
PG will remain at the company’s headquarters in Sande, Vestfold, Norway. PG Flow Solutions AS provides proprietary solutions, systems and products to companies in the aquaculture, maritime, energy and land-based process industries. The company’s headquarters and fabrication site is based in Sande, Vestfold, Norway.