IMS Group AS, based in Norway, has acquired a 100% stake in Norac Baggerød AS from Norac AS/ Norac Holding AS. Financial details have not been disclosed.
IMS is the world’s leading manufacturer of watertight steel doors for ships and offshore. The group has its main production at Akland and Krana in Risør, as well as in the United States, Germany and Vietnam. IMS also has operations and production within the following areas: automation, machining, laser cutting, oil spill equipment, fire windows and service and after sales.
Norac Baggerød AS is a manufacturer of light and heavy-duty doors as well as windows and glazed partitions for ships and offshore constructions. The company was established in 1954 and presently holds a complete range of standard and special door solutions.
Are V. Andreassen, CEO of Norac Baggerød, is satisfied that it is a long-term industrial owner who now enters the company. “Norac Baggerød has great potential for continued growth and profitability, and we are pleased to continue this together with IMS,” he said.
Headquartered in Norway, Norac AS manufactures fire rated walls, ceilings, doors, prefabricated wet units, glazed partitions and doors, floating floors and windows for use on board cruise ships, ferries, commercial vessels, offshore installations. The company is a leading supplier of interior systems for cruise ships, ferries, commercial vessels and offshore installations and its products are manufactured with only first-class materials in compliance with the most exacting rules and regulations and Norac’s own strict quality control measures.
Oaklins' team in Norway advised the buyer in this transaction.
© Oaklins. All rights reserved. Oaklins refers to Oaklins International Inc. and/or one of its member firms, each of which is a separate legal entity. Please see www.oaklins.com/legal for further details.