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Norwegian Shipping Family Dynasty Buys Into UK-Based Engineering, Consulting Group

Tom Burroughes Group Editor 4 October 2024

Norwegian Shipping Family Dynasty Buys Into UK-Based Engineering, Consulting Group

The transaction is an example of how a wealthy business family dating back decades diversifies via an investments arm to take stakes in a variety of business sectors.

Oslo-listed investment group Bonheur, which is affiliated with the Fred Olsen family in Norway, has acquired a controlling stake in Projective, a global technical consulting and engineering firm, based in Hampshire in the UK. 

Projective works with large companies across various industries, including pharmaceuticals, food and beverage, brewing and distilling, utilities, manufacturing, chemical processing, large scale commercial and public real estate, and energy. It was founded in 2004 by Ray Wellham and other founders. Areas of expertise, it says, include steam and thermal systems; efrigeration, electrical power system and power resiliency; industrial and municipal wastewater treatment; and energy and water management. 

Bonheur’s investment will provide Projective with growth capital, enabling it to scale its operations, both organically and via targeted acquisitions, Bonheur and Projective said in a statement earlier this week. 

The business is a venerable institution: Fred Olsen’s (offices in Norway and London) origins date to 1848 when the family entered shipping. Over the years, it has become involved with other activities, from aviation to shipbuilding and renewable energy.

“We are looking forward to partnering with Projective and to assist them to scale in the coming years. Projective’s focus on energy consumption, manufacturing carbon intensity and energy efficiency is of great societal importance, and we will help them to meet their clients’ decarbonisation goals,” Lloyd Butterworth, investment director at Fred Olsen Investments AS, said.

Fred Olsen Investments AS manages new investment opportunities for Bonheur. 

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