3i press release:
3i, an international leader in private equity, and funds managed by 3i, today announce they have sold their 26.2% stake in Dockwise generating proceeds of $82m, making a 2.1x money multiple on its $164m investment in January 2007. 3i’s stake was purchased by Sankaty Advisors LLC, HAL Investments B.V. and Project Holland Deelnemingen B.V./Project Holland Fonds.
3i invested in Dockwise, the global market leading heavy lift transportation provider based in the Netherlands, in a $780m transaction in January 2007. Dockwise specialises in transporting some of the largest and most complex cargos for a variety of end markets, including the oil and gas industry, military, port and marine infrastructure and luxury yachts.
During our involvement with the company we worked with the management team undertaking a challenging M&A process which involved transforming the scale and scope of the business and successfully entering into new markets, thereby reinforcing Dockwise’s position as the global market leader. Between 2006 and 2008, revenues increased from $250m to $456m and EBITDA grew from $102m to $225m. Similar levels of profitability are expected in 2009.
In May 2007, Dockwise undertook a reverse merger with Sealift in a $2.0bn merger and refinancing with the enlarged business remaining listed on the Oslo OTC market. Subsequently, the business migrated its listing to the Oslo Stock Exchange in October 2007 with 3i retaining a 26% stake in the business.
The merger provided capital to undertake the transformation of 6 sealift tankers into large heavy lift vessels capable of carrying some of the largest cargos, reinforcing Dockwise's position as the global market leader. In addition, the company completed the introduction of the yacht express, the largest of the yacht carrying vessels. Since then, Dockwise has sold 2 of its smaller dock type vessels bringing today’s fleet to 20.
During the past three years Dockwise has continued to develop itself as a fully integrated oil and gas service provider. In July 2007, Dockwise acquired two small affiliated Houston-based engineering businesses, Offshore Kinematics Inc and Ocean Dynamics LLC, market leaders in ‘floatover’ engineering services, for $48m, which, alongside organic investment in the engineering capabilities of the company, fast tracked the evolution of Dockwise into an integrated transport and installation provider for offshore and onshore structures. The company now competes alongside established providers, such as Saipem and Technip.
With the increasing demands of an enlarged business and scope of offering, combined with meeting public market demands we worked with the Board to bolster the management team. The Chairman, Adri Baan, has extensive public markets experience, and the non-executive Directors have substantial industry experience: Rutger Van Slobbe of Royal P&O Nedlloyd N.V.; Pietro Tali, Chairman and CEO of Saipem SpA; Tom Ehret, the former CEO of Acergy S.A; and Danny McNease, Chairman and CEO of Rowan Companies Inc. During our investment, the management team also grew to support CEO Andre Goedee; during 2008, Martin Adler was recruited as CCO and Rob Strijland as COO, with Peter Wit recently joining as CFO.
Link:
Thursday, 5 November 2009
EQT V acquires Eurocom and CableTel - Bulgaria's tow leading cable TV operators
EQT press release:
• EQT V acquires 100% of Eurocom from Warburg Pincus
• EQT V acquires 70% of CableTel from Gene Phillips
• CableTel’s other shareholder Ron Finley will remain minority shareholder by rolling over his 30% shareholding in CableTel into the merged company and investing further equity
• Eurocom and CableTel merge to form Bulgaria’s largest cable TV operator
• Merged company plans network investments and new products in digital TV, broadband and telephony
The total enterprise value of the two transactions amounts to more than EUR 200 million, which sets the deal among the most significant transactions in the sector for 2009.
EQT V, a leading European private equity fund, has agreed to acquire Bulgaria’s two leading cable TV operators, Eurocom and CableTel. EQT V intends to merge the two entities, invest into the new company together with CableTel’s current shareholder Ron Finley and create a major player in the Bulgarian digital TV and broadband markets.
“We see great potential in the Bulgarian market as both digital TV and broadband are gaining ground fast. With our strong experience in the industry, we believe that by working together with the new company and its management we can drive both growth and technical innovation in the sector which today is fragmented”, says Piotr Czapski, Partner at EQT Partners, advisor to EQT V.
EQT has a strong track record of fostering growth and value creation in the more than 70 companies that it has invested in over the last 14 years. EQT has previously developed Swedish cable TV operators StjärnTV and Com Hem into leading local providers of digital TV, broadband and telephony – so called triple play. Currently, EQT owns a leading German cable TV operator Kabel BW which has recorded significant growth and successfully developed the triple play concept in Germany.
EQT V is acquiring 100% of the shares in Eurocom from US-based private equity house Warburg Pincus. At the same time, EQT V acquires 70% of the shares in CableTel from Gene Phillips. CableTel’s other shareholder Ron Finley will remain minority shareholder by rolling over his 30% shareholding in CableTel into the merged company and investing further equity.
The merged company will be the clear market leader in both Bulgaria and Macedonia with annual revenues of approximately EUR 70 million and some 0.5 million households connected to the network.
The Bulgarian cable TV market is fragmented and digital TV and broadband penetration rates are lower than in the European Union as a whole. EQT V intends, together with the new company’s management and other shareholders, to accelerate the move into digital TV, broadband and telephony services by continuously investing into and offering a broad range of new and competitive services in combination with superior customer service.
“To drive this development of both the merged company and the market as a whole investment is needed in the networks and the operations. With the support and financial backing from EQT V and their strong experience in the industry we will be extremely well positioned to not only benefit from the development but also being a driving force. For the customers of Eurocom and CableTel this means new and attractive services at very competitive prices and first-class customer care,” says Istvan Polony, CEO of Eurocom who will also become CEO of the combined company.
For at least two months after the merger announcement the two companies Eurocom and CableTel will continue operating as separate market entities and the services they offer now will be provided throughout this period. The operational integration of the two companies and the impact on customers in terms of new products and services will be announced separately.
A merger between the two companies with one majority shareholder has been approved by the Bulgarian competition authorities.
ING Bank acted as financial advisor to EQT V in these transactions.
The transactions mark EQT V’s first and second investment in Central and Eastern Europe. Central and Eastern Europe is an important market for EQT and is covered by an advisory office opened in Warsaw, Poland, in 2008.
“While the ongoing global recession has slowed the activity in the whole private equity sector we continue to see very interesting and attractive opportunities in the Central and Eastern European economies. These investments are expected to be followed by further investments over the coming years”, continues Piotr Czapski.
Link:
• EQT V acquires 100% of Eurocom from Warburg Pincus
• EQT V acquires 70% of CableTel from Gene Phillips
• CableTel’s other shareholder Ron Finley will remain minority shareholder by rolling over his 30% shareholding in CableTel into the merged company and investing further equity
• Eurocom and CableTel merge to form Bulgaria’s largest cable TV operator
• Merged company plans network investments and new products in digital TV, broadband and telephony
The total enterprise value of the two transactions amounts to more than EUR 200 million, which sets the deal among the most significant transactions in the sector for 2009.
EQT V, a leading European private equity fund, has agreed to acquire Bulgaria’s two leading cable TV operators, Eurocom and CableTel. EQT V intends to merge the two entities, invest into the new company together with CableTel’s current shareholder Ron Finley and create a major player in the Bulgarian digital TV and broadband markets.
“We see great potential in the Bulgarian market as both digital TV and broadband are gaining ground fast. With our strong experience in the industry, we believe that by working together with the new company and its management we can drive both growth and technical innovation in the sector which today is fragmented”, says Piotr Czapski, Partner at EQT Partners, advisor to EQT V.
EQT has a strong track record of fostering growth and value creation in the more than 70 companies that it has invested in over the last 14 years. EQT has previously developed Swedish cable TV operators StjärnTV and Com Hem into leading local providers of digital TV, broadband and telephony – so called triple play. Currently, EQT owns a leading German cable TV operator Kabel BW which has recorded significant growth and successfully developed the triple play concept in Germany.
EQT V is acquiring 100% of the shares in Eurocom from US-based private equity house Warburg Pincus. At the same time, EQT V acquires 70% of the shares in CableTel from Gene Phillips. CableTel’s other shareholder Ron Finley will remain minority shareholder by rolling over his 30% shareholding in CableTel into the merged company and investing further equity.
The merged company will be the clear market leader in both Bulgaria and Macedonia with annual revenues of approximately EUR 70 million and some 0.5 million households connected to the network.
The Bulgarian cable TV market is fragmented and digital TV and broadband penetration rates are lower than in the European Union as a whole. EQT V intends, together with the new company’s management and other shareholders, to accelerate the move into digital TV, broadband and telephony services by continuously investing into and offering a broad range of new and competitive services in combination with superior customer service.
“To drive this development of both the merged company and the market as a whole investment is needed in the networks and the operations. With the support and financial backing from EQT V and their strong experience in the industry we will be extremely well positioned to not only benefit from the development but also being a driving force. For the customers of Eurocom and CableTel this means new and attractive services at very competitive prices and first-class customer care,” says Istvan Polony, CEO of Eurocom who will also become CEO of the combined company.
For at least two months after the merger announcement the two companies Eurocom and CableTel will continue operating as separate market entities and the services they offer now will be provided throughout this period. The operational integration of the two companies and the impact on customers in terms of new products and services will be announced separately.
A merger between the two companies with one majority shareholder has been approved by the Bulgarian competition authorities.
ING Bank acted as financial advisor to EQT V in these transactions.
The transactions mark EQT V’s first and second investment in Central and Eastern Europe. Central and Eastern Europe is an important market for EQT and is covered by an advisory office opened in Warsaw, Poland, in 2008.
“While the ongoing global recession has slowed the activity in the whole private equity sector we continue to see very interesting and attractive opportunities in the Central and Eastern European economies. These investments are expected to be followed by further investments over the coming years”, continues Piotr Czapski.
Link:
CITI INFRASTRUCTURE INVESTORS CLOSES AGREEMENT WITH SPANISH SAVING BANKS AS INVESTORS IN ITINERE
Citi Infrastructure press release:
Madrid, Spain – Citi Infrastructure Investors (CII), a Citigroup affiliate, today announced that Citi Infrastructure Partners L.P. (CIP), an investment fund managed by CII, and Pear Acquisition Corporation S.L.U., CIP's special purpose vehicle which acquired a controlling stake in the Spanish toll road operator Itínere Infraestructuras S.A. (Itínere), have entered into a shareholders' agreement with Sacyr Vallehermoso S.A. (SyV) and the Spanish savings banks Bilbao Bizkaia Kutxa (BBK), Caixanova, Caixa Galicia and Cajastur governing the acquisition by the aforementioned savings banks of their stakes in Itínere and the relationships among the shareholders.
Collectively, Caixanova, Caixa Galicia and Cajastur will invest EUR500 million in Itínere, which will correspondingly reduce SyV’s stake in the company. BBK and SyV will remain as shareholders, along with a small percentage of privately held shares. The Spanish savings bank shareholders are domiciled in the north of Spain, in the regions where the toll road assets acquired by CIP are located. As such, these investors bring valuable local knowledge to the company.
Additionally, It ínere is on track to merge with its acquisition parties by the end of September 2009. To this end, the governing bodies of Itínere, Pear Acquisition Corporation S.L.U., SyV Participaciones II (the company belonging to SyV which holds the shares owned by SyV in Itínere) and Avasacyr S.L.U. (a wholly owned subsidiary of Itínere) have signed a plan of merger for the merger of Itínere with Pear Acquisition Corporation S.L.U., SyV Participaciones II and Avasacyr S.L.U.
Link:
Madrid, Spain – Citi Infrastructure Investors (CII), a Citigroup affiliate, today announced that Citi Infrastructure Partners L.P. (CIP), an investment fund managed by CII, and Pear Acquisition Corporation S.L.U., CIP's special purpose vehicle which acquired a controlling stake in the Spanish toll road operator Itínere Infraestructuras S.A. (Itínere), have entered into a shareholders' agreement with Sacyr Vallehermoso S.A. (SyV) and the Spanish savings banks Bilbao Bizkaia Kutxa (BBK), Caixanova, Caixa Galicia and Cajastur governing the acquisition by the aforementioned savings banks of their stakes in Itínere and the relationships among the shareholders.
Collectively, Caixanova, Caixa Galicia and Cajastur will invest EUR500 million in Itínere, which will correspondingly reduce SyV’s stake in the company. BBK and SyV will remain as shareholders, along with a small percentage of privately held shares. The Spanish savings bank shareholders are domiciled in the north of Spain, in the regions where the toll road assets acquired by CIP are located. As such, these investors bring valuable local knowledge to the company.
Additionally, It ínere is on track to merge with its acquisition parties by the end of September 2009. To this end, the governing bodies of Itínere, Pear Acquisition Corporation S.L.U., SyV Participaciones II (the company belonging to SyV which holds the shares owned by SyV in Itínere) and Avasacyr S.L.U. (a wholly owned subsidiary of Itínere) have signed a plan of merger for the merger of Itínere with Pear Acquisition Corporation S.L.U., SyV Participaciones II and Avasacyr S.L.U.
Link:
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