HitecVision

The cash consideration of $450 million is based on an enterprise value of $1.6 billion.

Eaton Partners was the placement agent.

HitecVision has completed fundraising for HitecVision VII and reached its hard cap of $1.9 billion, exceeding its $1.5 billion target. The firm is a European private equity investor focused on the oil and gas industry.

MRC Global has agreed to acquire Stream AS for approximately $260 million. The sellers are private equity firms HitecVision AS and Converto Capital. The acquisition is expected to close in January 2014. Baird advised Stream in the transaction. Based in Norway, Stream is a provider of flow control products, solutions and services to the offshore oil and gas industry on the Norwegian Continental Shelf.

Oyster Petroleum has acquired a package of licence interests located in the West of Shetlands basin from Ithaca Energy Limited. The company is backed by HitecVision, an investor specialising in buyouts and growth stage investments in the oil and gas industry.

HitecVision has committed funds of $150 million to Oyster Petroleum from its HitecVision VI L.P. fund. Oyster Petroleum is a UK exploration and production company focusing on the UK North Sea.

HitecVision has acquired Deep Sea Mooring. Deep Sea Mooring was established by Odfjell Drilling in 2008.

KKR’s recent East Resources exit – coupled with HitecVision’s specialist energy fund close this week – is further evidence that the energy sector remains active and vibrant for private equity investors.

Despite a recent drop in deal activity and fundraising, private equity in the Nordic region has been catching the eyes of investors due to attractive returns.

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Argos Soditic has acquired Valco Group France in a management buyout transaction. Founded in 1949 and located in Ruffec (SW France), the company is specialised in the design, manufacture and maintenance of industrial valves for applications in the energy sector (petrol, gas, nuclear), the chemical sector and industry.

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The Boston-based firm has closed its eighth growth fund after nine months on the market, and also closed its third venture fund on $520m.

The Boston-based mid-market investor expects to hold a final close in the first quarter of 2012, which would pair the fund with other lightning-quick fundraises like that of TSG and HitecVision.

The resilience and maturity of the Nordic private equity market have drawn the attention of international investors.