2nd Jul 2007 07:00
Press release For immediate release on 29th June, 2007
Candover, 3i and JPMorgan Partners sell Aibel to an investor group led by Ferd Private Equity Fund II for $900m (¢â€š¬670m)
A private equity syndicate comprising Candover*, 3i and JPMorgan Partners**, today announced the sale of Aibel to an investor group led by Ferd Private Equity Fund II, a leading Norwegian private equity fund, with debt financing provided by ABN AMRO and DnB NOR, for an enterprise value of $900m (¢â€š¬670m). Completion of the deal, expected in August 2007, is subject to competition and regulatory approvals.
The sale of Aibel, coming after the sale earlier this year of Vetco Gray to GE Oil and Gas for $1.9 billion, completes the exit from Vetco International for the syndicate, which acquired the business in July 2004 from ABB Oil & Gas for $925 million.
Aibel is a leading provider of upstream oil and gas production facilities, process systems, technology, services and products. From new build to decommission, it maintains, modifies and operates on and offshore oil & gas production facilities. The business, which generated approximately US$1.5 billion turnover of sales in 2006, employs more than 7,000 people across 16 countries.
Commenting on the sale, the private equity syndicate said:
"Aibel performed strongly following the exit from sister company Vetco Gray with solid growth in sales and EBITDA. The sale of Aibel and Vetco Gray has generated an impressive return in just under three years. Aibel is an exceptional business, which should continue to prosper as an independent entity under the leadership of Rasmus Sunde and new owners led by Ferd Private Equity Fund II. We wish the management and staff at Aibel every success."
Peter Goode, Executive Chairman of Aibel, said:
"The sector of the market in which Aibel participates is forecast for continued strong growth. The Company is well positioned in this market and will provide the new owners with a strong platform to participate in this growth. I remain confident of the future for the company and employees."
Advisors were Credit Suisse and DnB Nor Markets (M&A), Clifford Chance (legal) and Deloitte (financial).
The sale of Aibel results in an increase of 16p per share (unaudited) in the net asset value of Candover Investments plc.
Ends.
*Candover means Candover Investments plc and / or one or more of its subsidiaries, including Candover Partners Limited
as General Partner of the Candover 1997 and 2001 Funds and as Manager of the Candover 2005 Fund.
** JPMorgan Partners refers to J.P. Morgan Partners, LLC and its controlled investment vehicles. CCMP Capital Advisors, LLC manages investments made by JPMorgan Partners.
***) Ferd Private Equity Fund II means Ferd Private Equity II (Jersey-I) L.P. and Ferd Private Equity II (Jersey-II) L.P. The two partnerships make parallel investments and are jointly referred to as the Ferd Private Equity Fund II ("FPEF II").
For further information, please contact: Candover +44 (0)20 7489 9848 John Arney, Managing Director Tulchan +44 (0)20 7353 4200 Susanna Voyle 3i +44 (0)20 7975 3573 Rachel Richards, Press Office JP Morgan Partners +1 (212) 600 9657 c/o CCMP Capital Allison Cole, Vice President Management +44 (0) 20 7845 8887 Peter Goode, Executive Chairman, Aibel
Note to editors:
About Candover:
Candover is a leading provider of private equity for large European buyouts. Founded in 1980, Candover has invested in 133 transactions with a value of almost ¢â€š¬40 billion. Investment in deals by Candover is provided in two forms, from Candover Investments plc, a publicly quoted investment trust, and from funds managed by Candover Partners Limited, a wholly owned subsidiary.
In November 2005, Candover raised the ¢â€š¬3.5bn Candover 2005 Fund which has made seven investments to date: the $565m buyout of Capital Safety Group, the leading global player in the fall protection market, the buyout of Parques Reunidos, a leading operator of regional attraction parks, the buyout of Ferretti, a leading manufacturer of high performance luxury motor yachts, the ¢â€š¬ 1bn acquisition of Hilding Anders, a leading European mattress and beds manufacturer, the acquisition of UK mail services company DX Services plc and merger with Secure Mail Services, the ¢â€š¬450 million buyout of Norwegian cable TV operator UPC Norway, and the ¢â€š¬480 million buyout of EurotaxGlass's Group, a leading provider of automotive data and intelligence services.
The Candover Group has four offices in London, Paris, Dƒ¼sseldorf, Madrid and Milan. Candover Partners is authorised and regulated by the Financial Services Authority in the UK.
About 3i:
3i is a world leader in private equity and venture capital with operations in Europe, the United States and Asia. 3i is active across all stages of funding. From early-stage venture capital to growth capital, buyouts and infrastructure, 3i invests approximately ¢â€š¬2bn a year in some of the most exciting and ambitious companies in the world. 3i is the only FTSE 100 company in its sector and has total funds under management of ‚£7.0bn (¢â€š¬10.4bn).
3i's oil, gas & power team manages an investment portfolio with a value of $1bn across the UK, Norway, USA and Singapore. The current portfolio includes EDP, an oilfield development project manager and Noreco, a Norwegian independent exploration and production company. Successful realisations include Petrofac, the international oil and gas facilities service provider, which floated in October 2005; Revus Energy, the independent Norwegian upstream company, which floated in June 2005; and CH4 Energy, a leading exploration and production company, which was acquired by Venture Production plc in August 2006. Other previous portfolio companies include Wood Group and Venture Production.
3i Buyouts is a leader in the European mid-market, leading mid-market buyouts of up to around ¢â€š¬1bn enterprise value. In November 2006, 3i successfully completed the close of its ¢â€š¬5bn Eurofund V. This fund followed another successful year for 3i Buyouts with significant realisations across Europe including the sale of: German generic prescription drugs distributor, betapharm; own-label Dutch fruit juice business, Refresco; Swedish clothing, home and accessories retailer Gant; UK environmental due diligence firm ERM; international foreign exchange specialist Travelex; and pan-European directories business Yellow Brick Road.
For further information, please visit our website at www.3i.com
About JPMorgan Partners:
J.P. Morgan Partners, LLC ("JPMP") is a private equity division of JPMorgan Chase & Co. , one of the largest financial institutions in the United States. JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984.
As of August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase. The buyout and growth equity professionals formed CCMP Capital Advisors, LLC, which focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. The venture team formed Panorama Capital, LLC, and continues to focus on technology and life sciences investments. CCMP Capital and Panorama continue to manage the JPMP investments pursuant to a management agreement with JPMorgan Chase & Co.
JPMP is a registered investment adviser with the Securities and Exchange Commission.
About Ferd Private Equity Fund II:
Ferd Private Equity Fund II is an investment fund with NOK 4.25 billion in committed capital from Norwegian and international investors focused on taking dominant ownership positions in well-established companies based in the Nordic region, primarily with a strong foothold in Norway. Ferd Equity Partners AS is the exclusive advisor to Ferd Private Equity Fund I and II and is headed by Gert W. Munthe, Morten Blix, Tore Rynning-Nielsen and Dag Stƒ¸mme. Ferd Private Equity Fund II has previously acquired Nille AS, MicroMatic Norge AS, Festival Group AS, Hatteland Display AS and European Furniture Group AB.. Ferd Private Equity Fund I, the predecessor fund to Ferd Private Equity Fund II, was established in 2004, has previously acquired Pronova Biocare AS, Noratel AS, Handicare AS, Wonderland AS, Carpe Diem Beds of Sweden AB and D&F Group AS.
Candover Partners T +44 (0) 20 7489 9848 Limited F +44 (0) 20 7248 5483 20 Old Bailey E [email protected] London EC4M 7LN
CANDOVER INVESTMENTS PLCRelated Shares:
CDI.L