IK buys Singaporean fuel firm

DNV Petroleum Services is the market leader in fuel quality testing.

IK Investment Partners has agreed to acquire DNV Petroleum Services (DNVPS), a Singapore-headquartered fuel management services firm, from its Norwegian parent foundation Det Norske Veritas (DNV).

Financial details of the transaction were not disclosed.

Founded in 1981, DNVPS provides fuel management services for the maritime and power sectors. Its customers include ship owners, managers and charterers, as well as power plant operators. The company is currently the market leader in fuel quality testing, responsible for around half the work contracted globally. It has revenues of about $50 million.

“DNVPS is an innovative and well-established company in a specialised niche market,” Thomas Klitbo, deputy director at IK, said in a statement. “The company will benefit from increased global fleet size and increased demand for its services, which will allow it to maximise volume growth.” A source close to the company said acquistions were likely. 

IK manages €5.7 billion in commitments. Last month the firm sold Hansa, the German supplier of sanitary fittings, to Oras Group. In June it acquired Hansen Protection, a Norwegian manufacturer of survival suits, in a transaction that was worth €150 million to €160 million, according to sources close to the company.