Survitec has completed the acquisition of Norway-based Hansen Protection, a provider of personal protective equipment
The transaction will make Survitec the leading provider of survival technology across the maritime, defence and government, energy, and aerospace markets expanding the company portfolio.
Survitec executive chairman Ron Krisanda said acquiring Hansen Protection is intended to broaden Survitec’s offering and enhance the company’s ability to service customers.
“The global reach and the combined company’s products and services will offer greater value to our customers by providing one single supplier for survival technology across a number of categories, including immersion suits, lifejackets, life rafts, marine evacuation systems, fire systems and servicing.”
“Hansen Protection has built an outstanding brand, with a strong reputation for the consistent delivery of excellent products and services, and we are committed to maintaining the brand and supporting its growth.”
Hansen Protection chief executive Terje Gorm Hansen said the move is the “logical step” for the growth of the combined business. “Coming together means that we can offer our customers greater capabilities and capacity, access to a larger portfolio of survival technology and a wider geographic reach.”
“We are two companies with a very strong alignment in culture, with safety and innovation in our DNA. Working together, we will lead the way in engineering and providing world-leading solutions for our customers across the globe.”
As part of its strategic growth plans, Survitec recently announced the finalisation of a £270M (US$381M) refinancing agreement. The Group’s co-controlling shareholders, private investment firm Searchlight Capital Partners and asset manager M&G Investments, supported the company in both refinancing the business and acquiring Hansen Protection. Hansen Protection was previously owned by the IK VII Fund, managed by IK Investment Partners.
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