Verdane exits reservoir monitoring business

Verdane initially acquired reservoir data and analysis company RESMAN in a direct secondaries deal in 2006.

Verdane Capital has sold reservoir data analysis company RESMAN to mid-market private equity firm Nordic Capital, according to a statement.

RESMAN’s technology provides data analysis to monitor oil and gas reservoirs. The company is based in Trondheim, Norway and generated revenues of NOK 210 million (€25 million; $26 million) last year. It was founded in 2005 by Norwegian research organisation SINTEF and Statoil Technology Investment.

Verdane acquired the company in 2006, as part of an eight asset portfolio deal with SINTEF, according to Frida Einarson, director of investor relations at Verdane. The firm deployed its fifth fund, which raised $150 million in 2005, according to PEI’s Research and Analytics division.

Under Verdane’s ownership RESMAN’s revenues grew an average of 70 percent annually. Statoil also continued to provide shareholder support and equity during the period, the statement disclosed.

RESMAN marks Verdane’s second exit of 2015. Earlier this year the firm sold online streaming company Apsiro to Project Panther Bidco, an entity owned by American rapper and entrepreneur Jay Z, Einarson added.

The firm signed three additional exits at the end of last year and closed the deals this year, including the sale of clinical trials company CRF Health to Vitruvian Partners.

Verdane is based in Oslo, Stockholm and Helsinki and has invested in more than 250 companies since 2003. It closed its latest fund, Verdane Capital VIII, on SEK 2 billion (€210 million; $230 million) last June.