Akastor agree to sell Cool Sorption

Oil service investment company, Akastor ASA has entered into a share purchase agreement with terminal automation systems specialist, Diamond Key International (DKI) for the sale of all shares in Cool Sorption for DKK 20.4 million (€2.74 million) on a cash and debt free basis. Cool Sorption is headquartered in Glostrup, Denmark, and is a specialist supplier of vapour recovery units (VRU) and systems.

Karl Erik Kjelstad, CEO of Akastor says: ‘Cool Sorption operates in a highly specialist market in which they repeatedly have proven their capabilities. I truly believe that DKI will be an ideal owner for Cool Sorption, with a complementary service portfolio that will help Cool Sorption to further expand and grow within its markets.’

‘We are thankful for the continuous support and guidance from Akastor over the past few years, enabling us to further develop as a specialist provider of VRU products and services. We have worked with DKI earlier and I am confident that under their ownership we will see exciting future opportunities for our business,’ adds Jacopo Bianchi, CEO of Cool Sorption.

Closing is expected to take place during Q1 2023.