IMS Group AS has signed a purchase agreement with the trustee of OceanSaver Holding AS to acquire the ballast water treatment system (BWTS) manufacturer’s intellectual property, certificates and assets following the company's bankruptcy filed on 13 September 2017. Financial details have not been disclosed.
IMS Group is a family-owned Norwegian group of companies focusing on leading technological equipment and solutions for the offshore and marine market. IMS Group is headquartered in Risør in the south of Norway. The group has six factories in Norway, and approximately 280 employees. It is the world leading supplier of watertight doors, safety windows, and fire-rated doors and windows, with independent offices in Norway, USA, Germany, Singapore, Vietnam and China, and several agents worldwide.
OceanSaver, a Norwegian marine equipment supplier, has been a leading developer and manufacturer of ballast water treatment systems for LNG carriers, tankers and bulk carriers. Under the ownership of BW Venture Ltd. (a subsidiary of BW Group) and Investinor (a Norwegian state-owned investment vehicle), the company has sold and installed approximately 200 ballast water treatment systems and is among the first suppliers to be approved by the International Maritime Organization (IMO), and one of very few to successfully complete the stringent test regime by the US Coast Guard and to obtain a USCG type approval in December 2016.
Rime Advokatfirma was the trustee of the Bankruptcy Estate of OceanSaver Holding AS.
Oaklins' team in Norway advised the buyer during the entire process, from the target's bankruptcy announcement to the final closing of the transaction. The team advised on the initial work with the bankruptcy estate, due diligence and final negotiations.
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