“Although we have been shareholders of PG Flow Solutions (PG) through EnFlow since 2014, it feels like the company is coming home,” says Mads Gjerdrum, the new chairman of PG. “We are facing major market opportunities within the maritime industries and the energy sector. New ownership means increased investments in these industries, while at the same time maintaining the position we have built up in aquaculture and land-based industries. We will also continue the excellent cooperation we have with our former sister company Cflow Fish Handling AS.”
In 2014, private equity company Norvestor become the majority shareholder of PG. Since then, PG has conducted a successful transition through significant cost reductions and by developing and delivering a number of products and systems to the aquaculture and fisheries industries as well as land-based industry. Historically, the majority of PG Flow Solutions’ revenues have come from offshore energy and maritime industries.
“It is fully understandable that PG wants to capitalise on the growth opportunities in the energy and maritime industries, which a large part of the company’s history is founded upon. However, this direction is not a natural part of our strategy, and we are therefore pleased that we can divest the company to the Gjerdrum family,” says Stig Bjørkedal, departing chairman of PG and CEO of Cflow.
PG’s core offering will continue to be proprietary pump solutions and liquid handling systems.
The Gjerdrum family will inject new capital into PG. This will strengthen the company’s foundation for further development of its product offering for the aquaculture, fisheries, energy and land-based industries, but also finance even stronger growth efforts both in Norway and internationally.
Roy Rødningen continues as managing director of PG, while Mads Gjerdrum becomes the new chairman.
PG will remain at the company’s headquarters in Sande, Vestfold, Norway. The facility was built in 2013 and includes a complete workshop with steel fabrication and production, assembly, automation, modern and extensive test facilities, and offices.