M and A
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.