Triton to expand Techouse Group with the acquisition of Eureka Group

Oslo (Norway), 28 May 2024 – Triton portfolio company Techouse Group AS (“Techhouse Group”), a leading technology provider within the water treatment and energy recovery markets has signed an agreement to acquire pump and genset supplier Eureka Group AS (“Eureka”) from  Remold Invest AS (a company owned by funds managed by HitecVision), and Aker Capital AS.

Established in 1889 and headquartered in Oslo, Eureka is a leading provider of water pumps and genset solutions for offshore installations in the oil & gas and offshore wind markets. It has approximately 150 employees across four locations and had a turnover of NOK 547 million (2023). Following the acquisition, the Eureka brand will remain, and the company will become part of Techouse Group as a separate subsidiary.

Techouse Group today consists of Techouse AS, a renowned industry leader in energy recovery and water treatment solutions to the offshore oil and gas sector, and Cubility AS, an innovator of solid control systems and water treatment. With Eureka, the Techouse Group offering will be comprised of three distinct divisions, all building on decades of experience in the oil & gas and other offshore industries. The expanded group will be a global player with offices in Norway, the UK, Bosnia, France, Chile and China and more than 300 employees.

Tom Munkejord, CEO, Eureka.said: “Eureka is well positioned for future growth with an attractive product offering and a sound market outlook. Our ambition is to always deliver innovation with important mission critical products that are key to our clients’ operations, and this will be a great fit with the wider Techouse Group. We very much look forward to becoming part of the Techouse Group.” 

Marcus Billman, Chairman of the Board of Directors, Techouse Group said: “Eureka operates in adjacent verticals to our current businesses and provides proprietary pump solutions and backup power solutions with more than 40 years’ experience delivering to the oil & gas industry. It has a solid client base and attractive aftermarket business with attractive market opportunities within non-oil & gas segments including offshore wind. This acquisition will establish cross-synergies and improve our revenue diversification. Techouse Group was set up to create a larger more diversified entity that will help our companies to compete in global markets more effectively and today’s announcement is an important step on this journey.”