The owners of Frictape Net Oy and Frictape Net Oü (together “Frictape Net”) agreed to sell the majority ownership in Frictape Net to Swedish Lagercrantz Group. Lagercrantz Group will be the majority shareholder with a share of just over 70% of Frictape Net, while the current owners will remain as minority owners of the company with slightly under 30% of the shares. The transaction includes a put and call option with which Lagercrantz can become the complete owner in four years at the earliest. After the transaction, Frictape Net will become part of the Lagercrantz Mechatronics business, which currently consists of 10 companies.

Founded in 1977, Frictape Net is a world leading supplier of safety products for helidecks, with a product portfolio including safety nets and lighting systems. The company holds multiple patents and design protections for its products, creating a unique competitive advantage on the market. Frictape Net’s customer base consists mainly of global companies operating in the offshore Oil & Gas industry. Examples of the customers include multinational Oil & Gas companies such as Shell, BP and Exxon, drilling contractors such as Transocean, E&P companies such as ConocoPhillips and EPC contractors such as Saipem. Exports account for 100% of Frictape Net’s business. The company also offers testing, installation and consulting services to complement its product business. The primary focus is on offshore helipads, with increasing demand for cruise ships, private yachts and onshore buildings. Frictape Net is headquartered in Finland with manufacturing taking place in the company’s factory in Estonia.