IK Investment Partners has agreed to sell fuel and lubricant testing specialist VPS to Fremman Capital after eight years in its portfolio.
The firm carved the business out of Norwegian fuel testing group Det Norske Veritas in 2013, tapping its €1.4bn IK VII fund.
VPS provides testing and inspection services for marine, power and renewable clients, to help them optimise their operational performance and comply with environmental regulation.
During IK’s ownership the firm introduced additional services including oil condition monitoring for shipping operators and renewable energy producers, and value-add data services.
Frederik Jacobs, director at IK Investment Partners and Advisor to the IK VII Fund, said, “We are delighted to have been able to support VPS’ mission to tackle climate change, which has a direct and significant impact on our oceans and air quality.”
IK closed its seventh flagship fund on €1.4bn in 2013. It raised €1.85bn for Fund VIII in 2016, and
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