Stirling Square takes first steps into Nordic region

The European private equity firm has made another oil and gas investment with the acquisition of waste management company SAR.

Stirling Square Capital Partners has made its first Norwegian investment with the purchase of SAR, providers of waste solutions to the oil and gas industry, from its €375 million Fund II. Financial details of the transaction were not disclosed. 

The acquisition was Stirling’s sixth investment from the fund. It is the firm’s second in the oil and gas sector following the €40 million investment in Portugal-based Omni Helicopters International.

“There has been a concerted effort over a period of time to increase our activity in the Nordics,” Stirling partner Bolaji Odunsi told Private Equity International.

“It was a series of events that led us to getting this deal done. It was not the first that we pursued in the Nordics and not the first one we had pursued in Norway specifically, but it was the first one that got over the line,” he added.

Stirling has previous experience in this region but only from a bolt-on deal for a portfolio company in its first fund.
SAR works in handling and treating hazardous and industrial waste from offshore installations along the Norwegian coastline.

Stirling plans to grow SAR through increased coverage of the Norwegian market. The firm will also work with the company to develop its international focus. The company has already secured contracts in Kuwait, India and Jordan. 

Stirling will continue to support SAR’s existing management that centres on chief executive Per Kristian Nagell who joined the company from CHC Helicopter Norway in 2009.

The deal was advised by PricewaterhouseCoopers and Norwegian M&A law firm Aabø-Evensen & Co.

Stirling invests in mid-market companies with enterprise values of between €50 million and €500 million. It manages two funds with a total €777 million capital under management and has made 17 investments since its 2003 inception.