PRESS RELEASE June 3, 2021
Exor and 7-Industries further strengthen Welltec support
The two European holding companies purchase the remaining shares from founder Jørgen Hallundbæk. The global technology company based in Allerød (Copenhagen) looks toward its next stage of growth, including the development of geothermal 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, raising their participation in the global technology company to 95%. Welltec was founded in 1994 and is today a global leader in oil and gas well robotic intervention and maintenance as well as in metal expandable isolation and integrity packers. Within these two categories Welltec has global market shares of 55% and 40% respectively, with both technology portfolios significantly reducing environmental risks and footprint. Over the last three years, the Company has also entered the geothermal and the emerging carbon capture & storage markets and is aiming to accelerate its growth in these areas.
In recent years, Welltec has made gradual changes to its organization and ownership. With this latest step, the Company looks toward its next stage of growth leveraging on its high tech solutions for the energy industry. Peter Hansen will continue as CEO and the Company, based in Allerød, north of Copenhagen, will remain true to the Nordic values and culture that the Company was built on.
“We are global leaders in our service and products categories and are determined to strengthen our positions further. With this strong support from our dedicated owners, we can now accelerate our development within carbon capture & storage and geothermal as we continue to be a global leader in our niche segments within oil and gas. I believe this will create a solid platform for the future,” says Peter Hansen.
Today, Welltec is a global company with 815 employees across 38 offices and operating bases in 22 countries. Welltec revenues have grown rapidly since 2017 reaching $257m in 2019 with an EBITDA of $101m (39%) with healthy operating cash flows. In 2020, a very challenging year for the entire industry, the Company saw a revenue decline of less than 15%, and the Company managed to maintain operating margins close to 40% ($88m) which places the company among the best in the industry. In Spring 2021, the Company is benefitting from increased activity in its markets.
The two European holding companies Exor and 7-Industries make long-term investments in companies with strong technology and industrial potential. Exor and 7-Industries jointly comment on the significantly increased investment in Welltec:
“Following Exor and 7-Industries’ initial investment in Welltec six years ago, we are now significantly increasing our investment and we are excited to bring Welltec to the forefront of its industry supporting also its development in new, safer and cleaner businesses.”
For further information contact:
Anne Vium, Radius CPH
Mail: avi@radiuscph.dk
Phone: +45 27 59 14 62
About Welltec
Welltec is a global technology company that develops and provides efficient hi-tech solutions for the energy industry. The company was founded in 1994 by Jørgen Hallundbæk and grew rapidly by supplying innovative robotic technology to the oil and gas industry. In 2010, Welltec started technology development of a new business segment: metal expandable packers. Commercialization started in 2014 and Welltec have also become a global leader within this category.
Welltec’s cutting-edge products and services are designed to optimize well performance and well integrity in all environments. Through advanced engineering and lightweight design, Welltec’s solutions have been helping clients to increase operational efficiency and reduce environmental emissions and carbon footprints in a safe and sustainable way for more than 25 years.
In Denmark, Welltec has two technology and manufacturing centers in Allerød and Esbjerg, which respectively employ 183 and 53 employees.
About Exor
Exor is one of Europe’s largest diversified holding companies and is controlled by the Agnelli family. For over a century, Exor has made successful investments and built great companies worldwide with a culture that combines entrepreneurial spirit and financial discipline. With a Net Asset Value of around $33 billion, its portfolio is principally made up of companies in which Exor is a leading shareholder: Ferrari, Stellantis, PartnerRe, CNH Industrial, Juventus FC, The Economist, GEDI Gruppo Editoriale and Shang Xia.
About 7-Industries
7-Industries is a Single Family Office, owned and chaired by Mrs. Ruthi Wertheimer, founded in 2007. It invests in leading mid-size industrial & life science companies, owned by families and entrepreneurs, and seeks long term minority partnerships, globally. The family office of Mrs. Wertheimer was established following Warren Buffett’s Berkshire Hathaway purchase in 2006 of the IMC Group, the global leading precision metal cutting tools company, founded by Mrs. Wertheimer's parents. It's partnership solution is tailored for families and entrepreneurs who wish to ensure their continued growth while maintaining their independent character and culture. Over time, and with a clear focus, 7-Industries has accumulated rich industrial insight, experience and network, and brings first-hand insight into family business practices and life-cycles.