Exor and 7-Industries further strengthen Welltec’s support
PRESS RELEASE June 3, 2021
Exor and 7-Industries further strengthen Welltec support
The two European holdings purchase the remaining shares of founder Jørgen Hallundbæk. the global com technologyAllerød based company (Copenhagen) is considering its next stage of growth, including the development of geothermal energy and carbon capture & storage business.
Welltec (the “Company”) announces that Exor and 7-Industries have completed the purchase of the remaining shares of Welltec from its founder Jørgen Hallundbæk, increasing their stake in the global technology company to 95%. Welltec was founded in 1994 and today is a world leader in robotic servicing and maintenance of oil and gas wells as well as expandable metal insulation and integrity packers. Within these two categories, Welltec holds respective global market shares of 55% and 40%, the two technology portfolios considerably reducing environmental risks and the ecological footprint. Over the past three years, the Company has also entered the geothermal and emerging carbon capture and storage markets and aims to accelerate its growth in these areas.
In recent years, Welltec has made incremental changes to its organization and ownership. With this final step, the Company envisions its next stage of growth by leveraging its high-tech solutions for the energy industry. Peter Hansen will remain CEO and the company, based in Allerød, north of Copenhagen, will remain true to the Nordic values and culture on which the company was built.
“We are world leaders in our service and product categories and are determined to further strengthen our positions. With this strong support from our dedicated owners, we can now accelerate our development in carbon capture and storage and geothermal energy, while continuing to be a global leader in our oil and gas niche segments. . I think this will create a solid platform for the future, ”says Peter Hansen.
Today, Welltec is a global company with 815 employees in 38 offices and operational bases in 22 countries. Welltec’s revenues have grown rapidly since 2017 to reach $ 257 million in 2019 with EBITDA of $ 101 million (39%) and healthy operating cash flow. In 2020, a very difficult year for the industry as a whole, the Company experienced a revenue decline of less than 15%, and the Company managed to maintain operating margins close to 40% (88 million euros). dollars), which places it among the best in the industry. . In spring 2021, the Company will benefit from increased activity in its markets.
The two European holdings Exor and 7-Industries invest for the long term in companies with high technological and industrial potential. Exor and 7-Industries jointly comment on the significant increase in investments in Welltec:
“After the initial investment of Exor and 7-Industries in Welltec six years ago, we are significantly increasing our investment and we are delighted to bring Welltec to the forefront of its industry, also supporting its development. into new, safer and cleaner businesses. “
For more information contact:
Anne Vium, Radius CPH
Email: [email protected]
Telephone: +45 27 59 14 62
Welltec is a global technology company that develops and delivers efficient high-tech solutions for the energy industry. The company was founded in 1994 by Jørgen Hallundbæk and has grown rapidly by providing innovative robotic technology to the oil and gas industry. In 2010, Welltec began the technological development of a new business segment: metal expandable packers. Marketing started in 2014 and Welltec has also become a world leader in this category.
Welltec’s industry-leading products and services are designed to optimize well performance and integrity in all environments. Through advanced engineering and lightweight design, Welltec’s solutions have been helping customers increase operational efficiency and reduce environmental emissions and carbon footprint in a safe and sustainable manner for over 25 years.
In Denmark, Welltec has two technology and manufacturing centers in Allerød and Esbjerg, which employ 183 and 53 people respectively.
Exor is one of the largest diversified holding companies in Europe and is controlled by the Agnelli family. For over a century, Exor has made successful investments and built great companies around the world with a culture that combines entrepreneurship and financial discipline. With a net asset value of around $ 33 billion, its portfolio is mainly made up of companies of which Exor is a reference shareholder: Ferrari, Stellantis, PartnerRe, CNH Industrial, Juventus FC, The Economist, GEDI Gruppo Editoriale and Shang Xia.
7-Industries is a Single Family Office, owned and chaired by Mrs. Ruthi Wertheimer, founded in 2007. It invests in leading industrial and life science companies, owned by families and entrepreneurs, and seeks minority partnerships long term, globally. Ms Wertheimer’s family office was established following the purchase of Berkshire Hathaway by Warren Buffett in 2006 from the IMC Group, the world leader in precision metal cutting tools, founded by Ms Wertheimer’s parents. Its partnership solution is designed for families and entrepreneurs who want to ensure their continued growth while preserving their independent character and culture. Over time and with a clear focus, 7-Industries has accumulated a rich industrial knowledge, experience and network, and brings first-hand insight into the practices and life cycles of family businesses.