Arendals Fossekompani, Advent International and Generation Investment Management complete the acquisition of Volue

28 Oct 2024 09:00 CET

Arendal, 28 October 2024

Arendals Fossekompani, Advent International and Generation Investment Management
have, through their indirect subsidiary Edison Bidco, completed the voluntary
tender offer for the shares in Volue.

Arendals Fossekompani, Advent International (Advent) and Generation Investment
Management (Generation) announced in July the voluntary cash offer for all the
shares in Volue (the Company) with the intention to assist the Company in its
next phase of growth as a leading supplier of software and data solutions to the
energy and infrastructure sectors.

Benjamin Golding, CEO at Arendals Fossekompani, comments: “The ongoing energy
transition presents substantial growth opportunities for Volue. Together with
Advent and Generation we have now established a long-term partnership that will
enable the company to achieve its ambitious goals to capture these
opportunities. We are confident our joint strategic ownership will contribute
significantly to accelerate Volue’s growth and value creation, which in turn
will create value for Arendals Fossekompani's shareholders through our continued
40% stake in Volue. At the same time the transaction priced at NOK 42 per share,
results in an immediate capital release of NOK 1billion further strengthening
our balance sheet."

Trond Straume, CEO at Volue, comments: “We are thrilled that the transaction has
now been completed, and we are looking forward to working with our new owners to
help deliver our vision for the future. It has been a pleasure to work with
Arendals Fossekompani so far, and we are excited to leverage Advent and
Generation’s additional industry expertise and insight. This partnership will
strengthen our platform, enabling us to offer even more compelling solutions for
our customers and new opportunities for our employees.”

Arendals Fossekompani, Advent and Generation bring highly complementary
expertise to a long-term partnership, ensuring continuity and preservation of
established company values, while simultaneously integrating fresh and
innovative perspectives. The company is well positioned for further growth, both
organically and through acquisitions.

Douglas Hallstrom, Director at Advent International, comments: “We are delighted
to support Volue in capitalizing on the expanding market opportunities presented
by the energy transition. Advent’s long history of investing in the tech sector
will be complemented by the knowledge and capabilities of our partners in this
investment.”

Martin Vieider, Assistant Director at Advent International, adds: "We are very
pleased that the shareholders of Volue have accepted our offer, and we look
forward to collaborating closely with Volue’s talented management team. As one
of the global leaders in energy management software, Volue represents an
exciting opportunity for growth and innovation. Advent, AFK and Generation have
built a strong partnership and share a joint vision for Volue and its future."

Dave Easton, Growth Equity Partner at Generation Investment Management,
concludes: “Today welcomes a new chapter for Volue. This is a critical time
during the renewable energy transition, and we believe the company is in a prime
position to play a key role in this transformation. By combining Volue’s
innovative energy software, our investor partners’ industry leading expertise,
and Generation’s experience in sustainable investing and growth creation, we aim
to work together to achieve a more adaptable and digitalized energy
infrastructure.”



For further information, please contact:

Volue ASA
Blair Grant
+47 920 83 191
blair.cameron.grant@volue.com

Advent International
Peter Folland
Phone +44 (0)7350 407 473
pfolland@adventinternational.co.uk

Arendals Fossekompani
Hanne Nyborg Watts
+47 974 04 496
Hanne.watts@arendalsfoss.no

Generation Investment Management
Jenny Tod
+44 7946 468 823
jenny.tod@archetype.co


About Volue ASA
Volue is a market leader in software and data solutions that power the energy
transition. Based on 50 years of experience, Volue provides innovative
solutions, systems, and insights for industries critical to society. Over 800
employees work with more than 2,500 customers across energy, power grid, water
and infrastructure projects that ensure a sustainable, flexible, and reliable
future. The company is headquartered in Oslo, Norway, and is active in 40+
countries. For more information, visit www.volue.com

About Arendals Fossekompani ASA
Arendals Fossekompani is an industrial investment company that owns energy and
technology-related companies which enable the energy transition and develop next
generation industrial technologies. We operate globally in several
forward-thinking industries, such as B2B software and analytics, satellite
communications, induction technology and industrial 3D printing. Established in
1896, Arendals Fossekompani has been a proud producer of renewable hydro power
for more than 100 years. Our company is headquartered in Arendal, Norway and has
been listed at the Oslo Stock Exchange since 1913.For more information, visit
www.arendalsfossekompani.no

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced
global private equity investors. The firm has invested in 421 private equity
investments across 43 countries and, as of March 31, 2024, had $90 billion in
assets under management*. With 15 offices in 12 countries, Advent has
established a globally integrated team of over 315 private equity investment
professionals across North America, Europe, Latin America, and Asia. The firm
focuses on investments in five core sectors, including business and financial
services; health care; industrial; retail, consumer, and leisure; and
technology. For 40 years, Advent has been dedicated to international investing
and remains committed to partnering with management teams to deliver sustained
revenue and earnings growth for its portfolio companies. For more information,
visit www.adventinternational.com
* Assets under management include assets attributable to Advent advisory clients
as well as employee and third-party co-investment vehicles.

About Generation Investment Management
Generation Investment Management LLP is dedicated to long-term investing,
integrated sustainability research and client alignment. It is an independent,
private, owner-managed partnership established in 2004 and headquartered in
London, with a US presence in San Francisco. Its vision is a sustainable world
in which prosperity is shared broadly, in a society that achieves wellbeing for
all, protects nature and preserves a habitable climate. Generation’s Growth
Equity strategy invests in companies with proven technology and commercial
traction, run by talented mission-driven management teams. The strategy seeks to
identify companies which will be on the right side of the structural social and
economic changes that are already under way. Our shorthand for this is “system
positive.”
For more information, visit www.generationim.com

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