StormGeo to be acquired by Alfa Laval
Alfa Laval is headquartered in Lund, Sweden and has a 138-year history of growth and visionary innovation, with 16,700 employees globally.The company serves the Food & Water, Energy and Marine industries.
BERGEN, Norway, May 10, 2021 /PRNewswire/ -- StormGeo, a global leader in weather intelligence software and decision support services, is announcing that Alfa Laval (ALFA:Stockholm) - a world leader in heat transfer, centrifugal separation and fluid handling - will acquire StormGeo to accelerate their digital services offering and to add an important tool to the decarbonizing tool box offering. Alfa Laval is headquartered in Lund, Sweden and has a 138-year history of growth and visionary innovation, with 16,700 employees globally. The company serves the Food & Water, Energy and Marine industries. It is listed on the Swedish stock exchange.
StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy and onshore industries such as healthcare, hospitality, insurance and retail. With extreme weather being the number one cause of business disruptions globally, the company's site-specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets and operations while minimizing downtime, improving ESG performance and saving fuel and resources. From 2018, StormGeo advanced decarbonization for its shipping customers by saving 2.1 million MT fuel, thereby reducing CO2 emissions by 6.2 million MT, or the equivalent of removing 1,342,000 cars from the road for one year.
The purchase price amounts to approximately MNOK 3,630 on a debt and cash free basis. Closing is expected during Q2 2021, subject to customary conditions. StormGeo will become part of Alfa Laval's Marine Business Division.
"The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonization challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space," said Tom Erixon, President and CEO of Alfa Laval.
"Joining Alfa Laval, a world-leading industrial owner, benefits StormGeo by developing our business through increased geographic and technological expansion," said Søren Andersen, StormGeo CEO. "By investing even more into developing leading software and SaaS products, we enable our customers to improve efficiency and reduce their carbon emissions while keeping their people, assets and operations safe from increasingly extreme weather."
The Private Equity company EQT invested in StormGeo in 2014, and during its ownership, StormGeo's market and product positions were strengthened through digitalization and investments in six strategic add-on acquisitions, doubling customers, revenues and EBITDA.
This is Alfa Laval
Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress – always going the extra mile to support customers in achieving their business goals and sustainability targets.
Alfa Laval's innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day.
Alfa Laval has 16,700 employees. Annual sales in 2020 were SEK 41.5 billion (approx. EUR 4 billion). The company is listed on Nasdaq Stockholm. www.alfalaval.com
About StormGeo
StormGeo is a global leader in weather intelligence software and decision support services, with leading solutions in shipping, oil and gas, renewable energy, utilities, cross industry and aviation. Its products help customers manage risk, optimize performance, reduce costs and increase revenue. Headquartered in Bergen, Norway, StormGeo has 24 offices in 15 countries. As a participant in the UN Global Compact for Sustainable Business in the Oceans, StormGeo's passion for climate and the protection of natural resources is a motivation to support its customers in making environmentally responsible business decisions. For more information, visit www.stormgeo.com.
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