Norway’s Eitzen Group has become the majority shareholder in technology company Hoglund Marine Solutions after a failed takeover by HAV Group last year.
The companies did not reveal the size of the investment, which was carried out through a share issue.
Hoglund provides sustainable automation services and energy solutions for LNG fuelling, with systems installed on more than 600 ships worldwide.
The strategic investment reinforces Eitzen Group’s long-term commitment to sustainable shipping and focus on future-orientated ship technology as a driver for change in the industry, the partners said.
Eitzen Group is a family-owned company headquartered in Oslo, with 140 years of history in shipping. It controls tanker company Christiania Shipping in Denmark.
Christiania chief executive Fridtjof Eitzen said Hoglund is a strong brand.
“As a supplier of quality automation and energy systems, we consider them to be in pole position for being a differentiator in shaping the future of shipping,” he said. “We are very excited to become part of a strong team and humbled by the opportunity to play an active role in the board of directors going forward.”
Eitzen, a member of the fifth generation of the shipping family, took over as chief executive at the start of the year.
His father — Axel — switched from chief executive to become “an active, working” chairman. Fridtjof had previously chaired the shipowner.
Borge Nogva, chief executive of Hoglund, said: “We are thrilled to welcome the Eitzen Group as majority shareholder in Hoglund and are convinced that this partnership will unleash new opportunities for both organisations, as well as secure our continued strong presence in the shipping environment as the preferred supplier of quality systems within automation, control and energy solutions.”
In October 2022, Norway’s HAV Group tore up a letter of intent to take over the company.
The two sides had decided in June last year to work towards a merger.
Oslo-listed vessel design and hydrogen systems company HAV said that “following a holistic and thorough assessment of the potential acquisition, HAV Group has decided not to progress further with the transaction, and the letter of intent has subsequently been terminated”.
The group said it remained interested in pursuing strategic acquisitions.
The two companies had worked together for years, and HAV had believed the deal would enhance its portfolio of marine technologies and services.
Hoglund has about 90 employees and had revenue of more than NOK 380m ($36m) in 2021.