Private equity fund Oakley Capital Investments has acquired majority stakes in e-learning businesses Videotel and Seagull from KVH Industries and Herkules Private Equity Fund IV, respectively.
Videotel and Seagull offer e-learning to the global maritime sector. They also provide compliance, risk and safety training to more than 10,000 ships and installations to enable them to comply with rules set out by the International Maritime Organisation (IMO).
Oakley Capital managing partner Peter Dubens said: “We are delighted to be partnering with the management teams of Seagull and Videotel, two companies we have admired for many years.
“Both teams are exactly the type of highly ambitious professionals we continually seek to back. We look forward to supporting them in their plans to invest in new content and technology solutions based on the wealth of internal expertise, which can now be shared across the group.”
Last year, the two acquired businesses together generated $50m in revenue.
There will be no immediate operational changes in either company except that Seagull chairman and founder Oscar Johansen will assume the role of president of the combined group.
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Roger Ringstad and Raal Harris will continue to spearhead Seagull and Videotel, respectively.
Seagull managing director Roger Ringstad said: “As the shipping industry continues to make advancements in digitalisation, we see significant opportunities to further enhance the breadth and depth of products and services we offer our clients. In Videotel and Oakley, we believe that we have the perfect partners to support us on that journey.”
Financial terms of the transaction have not been disclosed.