COSTA MESA, Calif., June 25, 2008 (PRIME NEWSWIRE) -- ODIM Inc., a subsidiary of Norway-based ODIM ASA (Oslo:ODIM), has acquired Numet Engineering Ltd., for 110 million Norwegian Kroner ($22 million Canadian).
RSM EquiCo Canada Inc. led the negotiations and acted as the exclusive advisor to Numet Engineering.
"Expanding our presence in the nuclear power market has been a strategic objective for the ODIM group," said ODIM chief executive Jogeir Romestrand. "Through the Numet acquisition, ODIM's objective of establishing a strong foothold in the very promising nuclear power industry in Canada will be enhanced. The opportunity to expand Numet's activities outside of Canada will also be a major source of future growth for the North American business."
A team of RSM EquiCo Capital Markets professionals contributed to the successful close of this transaction. John Dorey, senior managing director, David Burke, managing director, and Miki Dan, vice president, EquiCo Europe Ltd., led the deal team.
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm's services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings. RSM EquiCo Capital Markets, which offers in-depth expertise in 12 distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
RSM EquiCo Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting. Both firms are units of H&R Block Inc. (NYSE:HRB), the world's preeminent tax services provider.
RSM EquiCo Capital Markets' international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York and London. The firm is a member of FINRA and SIPC.
About Numet Engineering Ltd.
Numet Engineering (www.numet.com) specializes in the design, development and manufacture of high reliability, custom-engineered systems for the nuclear industry. Founded in 1974, the company's major lines of business include waste handling and process equipment, custom process components for nuclear utilities, special purpose tools and tele-robotic systems for reactor maintenance and refurbishment, and the supply of replacement OEM ASME-type equipment. Numet is an ASME N-stamp accredited facility, and has supplied thousands of systems and components for new reactor construction, maintenance and upgrading of existing nuclear generating stations, as well as for the handling and processing of nuclear wastes. The company operates internationally and has equipment installed in the United States, Canada, China, Korea, Romania and Argentina. Numet Engineering is based in Peterborough, Ontario.
About ODIM ASA
ODIM ASA (www.odim.com), through its subsidiaries, engages in the development and sale of automated handling solutions. It has three segments: Offshore Service Vessels; Naval, Oceanographic, and Power; and Mooring and Deepwater Installation. The company operates in Norway and other parts of Europe, North America, Asia, and Australia. ODIM was founded in 1974 and is headquartered in Hareid, Norway. Shares of ODIM ASA are traded on the Oslo Stock Exchange under the ticker symbol ODIM.