KKR's First Deal in Malaysia; Investment to Fuel Growth
KUALA LUMPUR, Malaysia & SINGAPORE--(BUSINESS WIRE)--
Weststar Aviation Services Sdn Bhd ("Weststar" or the "Company") today
announced that KKR, a leading global investment firm with more than
US$83.5 billion in assets under management, has invested approximately
RM642 million (US$200 million) for a substantial minority equity stake
in the Company. This will be KKR's first investment in Malaysia.
Additional terms of the transaction were not disclosed.
Founded in 2003, Weststar is a leading provider of offshore helicopter
transportation services to the oil and gas industry. With a large and
modern fleet of world-class helicopters and a stable of blue chip oil
and gas companies as customers, Weststar focuses on providing quality
offshore helicopter services and is the largest of such providers in
Southeast Asia. In seeking to provide the highest standard of
engineering, flight safety and reliable operations, Weststar provides
personalized and efficient services by adopting sound planning
processes, utilizing state of the art aircraft, systems and equipment.
"KKR has significant experience investing in the offshore aviation
sector in Avincis Group and has a strong and experienced regional team
in Southeast Asia. With KKR, we have a value-added partner who shares
our vision of growing the Company into one of the world's leading
offshore helicopter services companies," said Tan Sri Syed Azman Syed
Ibrahim, Weststar Group Managing Director.
"Established in Malaysia, Weststar has fast become a key player in the
offshore aviation industry in this region. This partnership will enable
Weststar to expand its reach overseas and to continue to set a new
benchmark for quality in global offshore aviation," he added.
Ming Lu, Member of KKR and Regional Head of Southeast Asia, commented,
"We are very pleased to partner with a high-performing company such as
Weststar. We believe trends in the oil and gas sector in Malaysia and
the broader region are long-term positive, and we look forward to
supporting the Company in its ambitious growth and expansion plans."
"Malaysia is a key target market for KKR," added Mr. Lu. "In our opinion
it has differentiated demographics with a young and growing population,
has its own natural resources, has a strong banking system with a
relatively balanced economy, and strong opportunities for growth and
KKR has a long track record of success in Southeast Asia, having
invested nearly US$1.5 billion in companies based in this region since
2005. KKR's investment in Weststar represents its first investment from
the KKR Asian Fund II, the recently-closed US$6 billion fund dedicated
to pan-Asian private equity transactions.
About Weststar Aviation Services Sdn Bhd:
Weststar Aviation Services Sdn Bhd, a Malaysian based company which
provides offshore helicopter transportation services to the oil and gas
industry, has already made its regional presence strongly felt, having
become the largest provider for such services in South-East Asia. Our
oil & gas clients include Petronas Carigali, Exxonmobil, Carigali Hess,
CPOC, Talisman, Petrofac, Newfield, TOTAL, KPOC, Lundin, Schlumberger,
HESS, Shell, Tullow Oil, Mubadala Petroleum, CGG Veritas and Conoco
Philips. At present, Weststar Aviation Services own a fleet of Sikorsky
and AgustaWestland helicopters used exclusively to provide offshore
support services for multinational oil and gas companies.
Founded in 1976 and led by Henry
Kravis and George
Roberts, KKR is a leading global investment firm with US$83.5
billion in assets under management as of June 30, 2013. With offices
around the world, KKR manages assets through a variety of investment
funds and accounts covering multiple asset classes. KKR has seven
offices across Asia Pacific, with its Southeast Asia regional
headquarters based in Singapore. It has invested nearly US$1.5 billion
in the region, including in Indonesia, Malaysia, Singapore and Vietnam.
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 fund investors through its client relationships and
capital markets platform. KKR & Co L.P. is publicly traded on the New
York Stock Exchange (NYSE:KKR), and "KKR," as used in this release,
includes its subsidiaries, their managed investment funds and accounts,
and/or their affiliated investment vehicles, as appropriate.
Weststar Group of Companies
R. Okun, +65-6922-5800
Strategies (for KKR)
Chan Kwai Seng, +852 2894 6314
Sivaraman, +60 3 2026 0899
Source: Kohlberg Kravis Roberts & Co. L.P.
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