Ratos and Ferd acquire Aibel
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
Ratos and the Sixth AP Fund together with the Norwegian industrial and financial
group Ferd, have signed an agreement to acquire all the shares in Aibel, a
leading Norwegian supplier of services related to oil, gas and renewable energy.
The purchase price (enterprise value) amounts to approximately NOK 8 600m.
Ratos will own 32% of Aibel, the Sixth AP Fund 18% and Ferd 50%. Ratos and the
Sixth AP Fund will invest via a jointly owned company which will be represented
by Ratos on Aibel's board. Ferd and Ratos will therefore represent 50% each of
the ownership in Aibel. The purchase price (enterprise value) for 100% of Aibel
amounts to approximately NOK 8 600m and Ratos will provide equity of
approximately NOK 1 400m. The final amount invested by Ratos will be affected by
cash flow until closing.
Aibel is a leading Norwegian service company within oil, gas and renewable
energy. The company has approximately 8,000 employees, of which 2,400 are
temporary staff, and operations along the entire Norwegian coast as well as in
Asia. Customers are primarily the major oil companies which operate on the
Norwegian continental shelf. Services provided include maintenance as well as
modification and new construction contracts for offshore platforms. In 2012,
Aibel's sales will total more than NOK 10 billion with an EBITDA-margin of
approximately 9%.
The Norwegian offshore industry is in a strong growth phase with good prospects
for continued major investments in future years. Aibel's current order book
value is approximately NOK 23 billion plus options of additional NOK 20 billion.
Ratos's CEO, Susanna Campbell, comments: "Aibel operates in a market with strong
growth, has long-term customer relationships, a unique business model, a strong
order book and a dedicated management team, which makes this a very attractive
investment for Ratos. We have monitored the industry and Aibel for several years
and are therefore very pleased to have this opportunity to develop the company
together with Ferd. We see co-ownership with Ferd as a clear strength in this
deal and hope that we can co-operate even more in the future."
Ferd's CEO, John Giverholt, comments: "Ratos is an excellent partner for Ferd in
the further development of Aibel. Ferd and Ratos possess the expertise and
financial resources to enable Aibel to better implement its strategy and develop
new business opportunities. Strategic co-operations with strong owners are a key
part of Ferd's business model and we now intend to lay the foundation for more
such opportunities with Ratos."
Ratos is making this acquisition via a company owned jointly with the Sixth AP
Fund. Ferd currently owns 80% of Aibel, directly and via its investment in
Herkules Private Equity Fund II. In the new ownership structure Ferd will own
50% of Aibel while Herkules sells its entire holding.
The acquisition is subject to approval from the relevant regulatory authorities
and is expected to be completed during the first quarter of 2013.
For further information, please contact:
Susanna Campbell, CEO, Ratos, +46 8 700 17 00
Emma Rheborg, Head of Corporate Communications and IR, Ratos, +46 8 700 17 20
John Giverholt, CEO, Ferd, +47 93 20 20 59
Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily medium to large unlisted Nordic
companies. Ratos's holdings include AH Industries, Arcus-Gruppen, Biolin
Scientific, Bisnode, Contex Group, DIAB, Euromaint, Finnkino, GS-Hydro, Hafa
Bathroom Group, HL Display, Inwido, Jøtul, KVD Kvarndammen, Mobile Climate
Control, SB Seating and Stofa. Ratos is listed on Nasdaq OMX Stockholm and
market capitalisation amounts to approximately SEK 22 billion.
Ferd is a family owned Norwegian industrial and financial group which exercises
active and long-term ownership of strong companies with international potential,
and conducts financial activities through investments in a broad range of asset
classes. Ferd is owned by Johan H. Andresen Jr. and family and has been in the
family's ownership since 1849. Ferd's holdings include Aibel, Elopak, Interwell,
Mestergruppen, Swix Sport and Telecomputing.