NORWICH, England--(BUSINESS WIRE)--
Acteon Group Ltd ("Acteon") today announces the acquisition of a
majority interest in the company by an affiliate of Kohlberg Kravis
Roberts & Co. L.P (together with its affiliates, "KKR") from First
Reserve, with management retaining a significant holding in the company.
The executive management team will remain in place. Further terms of the
transaction were not disclosed.
Acteon has built a significant subsea services business in the oil and
gas sector. This latest investment will support the continued delivery
of its ambitions and of its goal to define the market in this relatively
new and expanding part of the upstream industry. As part of the
transaction, the Houston-based private equity firm White Deer Energy
will be investing alongside KKR and management.
Will Honeybourne and Jeff Quake, First Reserve Managing Directors, said
"We have enjoyed working with the company's talented management in their
relentless goal to build an industry leader and we are delighted with
the impressive success the company has achieved. Since our initial
investment in 2006, Acteon has completed eight acquisitions, quadrupled
its operating profits and significantly expanded its geographic
footprint. We thank the entire Acteon team and wish them every success
for continued growth in the future."
Dominic Murphy, a Member of KKR, and Josselin de Roquemaurel, a Director
of KKR, said: "This is a growth investment, in partnership with a highly
entrepreneurial management team. We are excited to support Acteon and
work with the team to develop it as a leading global franchise for
offshore and subsea energy services."
Originally founded in 1989, Acteon is a leading service provider to the
worldwide offshore oil and gas and renewable markets. With a strong
global presence, the company provides specialist subsea services for
life-of-field operations from exploration through to decommissioning and
generates substantial revenues from deep-water applications.
Headquartered in Norwich, UK, with facilities in Brazil, Singapore, UAE,
Malaysia, China, UK, the US and Germany, Acteon has completed projects
in most of the world's prolific offshore oil and gas basins.
The transaction is subject to customary approvals and is expected to
close by year-end 2012.
J.P. Morgan Cazenove and Simmons & Company International jointly advised
First Reserve Corporation and Acteon Group Ltd. HSBC Bank Plc advised
KKR on the transaction.
About Acteon Group Ltd.
About Acteon:
Acteon companies provide Mooring, Foundations, Riser, Conductors,
Flowlines and Marine Electronics products and services, supported by
strong engineering and project management capability. Acteon's companies
are 2H Offshore, Aquatic, CAPE Group, Claxton, Conductor Installation
Services (CIS), Fluke Engenharia, InterAct, InterMoor, Large Diameter
Drilling (LDD), MENCK GmbH, Mirage Machines, NCS Survey, Offshore
Installation Services (OIS), Pulse Structural Monitoring, Seatronics,
Subsea Riser Products (SRP) and TEAM Energy Resources.
Learn more at www.acteon.com
About Subsea Services:
Subsea services is defined as the provision of specialist equipment,
services and personnel that can operate from any fit-for-purpose vessel
or platform. Acteon's subsea services offering is unique and addresses
operational requirements that support oil and gas asset owners,
construction and drilling companies and vessel owners.
About First Reserve Corporation
Founded in 1983, First Reserve is a leading global investment firm
dedicated to the energy industry with over $23 billion of raised capital
since its inception. With offices in North America, Europe and Asia,
First Reserve is well-positioned to make strategic investments on a
global basis across the energy value chain. First Reserve seeks to
create value for its investors by applying its deep industry knowledge,
decades of investing and operational experience, highly talented
management team and powerful network of global relationships to its
investments and through active monitoring of its portfolio companies.
For additional information, please visit First Reserve's website at www.firstreserve.com
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $61.5 billion in assets under
management as of June 30, 2012. With offices around the world, KKR
manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with investors through
its client relationships and capital markets platform. KKR is publicly
traded on the New York Stock Exchange (NYSE:KKR).
About White Deer Energy
White Deer Energy is an energy private equity fund focused on the
exploration & production, oilfield service and equipment and midstream
sectors of the oil and gas industry. With $822 million of committed
capital, White Deer is a long-term investor targeting equity investments
of $50 to $120 million in its portfolio companies. With offices in
Houston and New York, White Deer has a combination of industry expertise
and capital that makes it an attractive partner for rapidly growing
energy companies.
FOR ACTEON
Paul Alcock
Acteon
Group Ltd
07765 883925
Paul.alcock@acteon.com
or
FOR
FIRST RESERVE
Caroline Harris
Prosek Partners
Tel:
+1 212-279-3115; ext. 222
E-mail: charris@prosek.com
or
Michael
Henman
Cubitt Consulting
Telephone: +44 (0)20 7367 5100
E-mail:
michael.henman@cubitt.com
or
FOR
KKR & Co LP
Kristi Huller
KKR
+1 (212) 230 9722
Kristi.huller@kkr.com
or
Michael
Turner
RLM Finsbury
+44 207 251 3801
michael.turner@rlmfinsbury.com
Source: KKR
News Provided by Acquire Media