Norwegian vessel provider Integrated Wind Solutions has acquired 75% of Danish engineering company Procon Group in a Dkr60m (€8m) deal.
Under the agreement, Procon founder Claus Sogaard Poulsen will retain 25% ownership and will continue as chief executive.
In 2020, ProCon had a turnover of about Dkr84m. Future growth is expected to be in line with the industry, estimated to be more than 20% per year, said IWS.
The transaction is expected to close within July 2021.
IWS said the agreement is part of its aim to be a leading offshore wind service player by integrating service operation vessels with engineering, product and manpower services for installation, commissioning and operations.
“The acquisition of ProCon will in effect be our first investment under the IWS Services division portfolio, and it is the perfect opportunity to further accelerate our growth plans as service solution providers to our offshore wind clients,” said Lars-Henrik Røren, IWS chief executive.