Global fuel testing firm DNV Petroleum Services (DNVPS) is set to be acquired by private equity firm IK Investment Partners, after it was left out of the recent DNV GL merger.
Henrik Madsen, president and ceo of DNV GL Group, said the sale of DNVPS by DNV is based on a review of the DNV Foundation's total portfolio of activities following the merger of the two classification societies.
“DNVPS was not part of the merger process and has remained with the DNV Foundation. We believe the new ownership will provide DNVPS with a stronger platform and better focus for delivering on its strategic ambitions,” Madsen said. DNV merger partner GL did not have a fuel testing business.
Financial details for the acquisition by IK were not disclosed. Closing of the transaction is still subject to legal and regulatory approvals.
Eirik Andreassen, who will remain as managing director of DNVPS, believed that the fuel testing firm will continue to grow with IK, building on its leadership position, expanding its high quality service offerings and R&D capabilities and leveraging its fuel quality testing database to create value.
Headquartered in Singapore, DNVPS is currently the market leader within fuel quality testing with approximately 50% of the global contracted volume.