Today in Copenhagen, Maersk announced its intention to acquire ResQ, a Norwegian corporation that is a prominent provider of services and expertise in safety training and disaster preparedness. The plan said that ResQ would work alongside Maersk’s subsidiary, Maersk Training.
Since 2019, ResQ has been an acting partner of Maersk Training by delivering services to support the Maersk Training’s global training management contracts. With ResQ acting as the largest third-party service provider of Maersk Training in Norway, the two companies keep their close-knit relationship intact.
CEO of Maersk Training, David Skov, spoke highly of ResQ by labeling them a well-managed business saying the company can only bring Maersk Traning up, “ResQ is a well-managed business with renowned competencies within training services. As part of Maersk Training’s ambitions to become a leading training provider with end-to-end services across the North Sea region, we regard ResQ as a perfect fit, as it will significantly increase our presence in Norway and increase our portfolio of training courses.”
Norway is a primary market for many of Maersk Training’s global customers due to its training services, its exposure to gas and oil, and the various maritime segments in the North Sea. The gas and oil business and the overall marine industry now account for the bulk of Maersk Trainings’ customers, but the company is looking to expand into other lucrative sectors such as offshore renewable energy and financial services.
Five ResQ survival centers are strategically located throughout Norway to cater for training in the North Sea. The company also offers more than 70 courses that can occasionally cater to their customer’s needs, including but not limited to the crisis management class for setting up a complete emergency response. ResQ has 67 permanent employees and more than 300 temporary resources spread throughout Norway; with their potential acquisition, the company sees the potential for expansion on its horizon.
Njål Arne Vathne, CEO of ResQ, spoke of the acquisition with nothing but eagerness and hope for an even better future for both the companies, “We are looking very much forward to becoming part of Maersk Training and believe combining our businesses will significantly strengthen our value proposition to customers. Together we can provide a full end-to-end offering and further evolve our crisis management services to digital platforms, which will allow us to expand to other industries as well as to international customers.”
The acquisition is subject to regulatory assessment and approval before completion. However, The transaction’s post-IFRS 16 enterprise value is around USD 26 million (pre-IFRS 16 enterprise value was around USD 14 million), representing a pre-synergy EBITDA multiple of 5.3x based on adjusted 2021 EBITDA.