Stavanger, 16 November 2016: Flux Group has entered into an agreement to acquire Active Service – the “Hoses & Couplings” division from Fluid Control. The acquisition is in line with the Flux Group strategy to become a leading supplier of equipment to the oil and gas industry. The Hoses & Couplings division was the largest part of the now bankrupt Fluid Control and had a turnover of approximately NOK 160 million in 2015.
”We are very pleased to have entered into this agreement with Hitec Products just days after they acquired Fluid Control. There are challenging times in our markets, and I think that both Flux Group and Hitec Products are strengthened through this agreement - to the benefit for the oil service clusters in the Bergen- and Stavanger regions”, says Flux Group CEO Ådne Grødem.
Active Service constitutes the largest part of the Fluid Control Group, acquired by Hitec Products after the recent bankruptcy. Active Service provides hoses and couplings for fluid transfer, power and control solutions to the oil and gas industry. The company has offices in Bergen and Stavanger, and collaborates with a number of international suppliers. Active Service has over time built a solid market position and has a very strong customer portfolio, which will be taken well care of within the Flux Group. Flux will have the objective to further develop and grow Flux Active Service to become a cost effective, service and quality focused supplier to the oil & gas industry.
Flux Group will establish its new business area “Hoses & Couplings” with 20 employees onboard from day 1, and will use Flux Active Service as its brand. The company will continue to be present in Bergen and Stavanger and hope to increase its number of employees over the year to come.
Active Service and Flux Group strengthen each other in several ways. The enlarged Group gets a broader and more attractive product and services portfolio, it adds new and important expertise and it opens for market synergies. Furthermore, through the acquisition Flux consolidates its presence in both the Bergen and Stavanger regions. For the employees of Flux Active Service becoming a part of Flux Group provides stability and enables the organisation to pursue new market opportunities.
“We are happy to get a solid owner as Flux Group on board; we strongly believe this will lift the company and further develop the foundation we have established. This was the preferred solution for us, and we are proud that Flux Group wants to make a commitment to us”, says Managing Director Erlend Fremstad in Flux Active Service.
Further information from:
Ådne Grødem, CEO Flux Group, tel +47 907 53 999
Erlend Fremstad, Managing Director Flux Active Service, tel +47 975 45 913
About Flux Group
Flux Group was established by HitecVision in the spring of 2014 with the ambition of building a strong international oil service group. Its build-up and expansion will be pursued through both acquisitions and organic growth. The Group will focus on delivering various kinds of oil and gas related equipment and components to customers strongly emphasizing on safety and quality. Flux Group has its head office in Stavanger and has a presence in Norway, Italy and South Korea.
About Active Service