{"id":642859,"date":"2013-02-18T05:02:11","date_gmt":"2013-02-18T10:02:11","guid":{"rendered":"http:\/\/www.pehub.com\/?p=186932"},"modified":"2013-02-18T05:02:11","modified_gmt":"2013-02-18T10:02:11","slug":"equistone-sells-hydrasun-to-investcorp","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/642859","title":{"rendered":"Equistone Sells Hydrasun to Investcorp"},"content":{"rendered":"

Equistone Partners Europe<\/strong> has realised its investment in Hydrasun Limited<\/strong> to Investcorp<\/strong>. Established in 1976, Hydrasun is a provider of integrated fluid transfer, power and control solutions to the global offshore oil and gas industry.<\/p>\n

PRESS RELEASE<\/strong><\/p>\n

Equistone Partners Europe Limited (\u201cEquistone\u201d), one of Europe\u2019s leading mid-market private equity investors, today announces that it has exchanged contracts on the realisation of its investment in Hydrasun Limited (\u201cHydrasun\u201d or the \u201cCompany\u201d), to Investcorp.<\/p>\n

Established in 1976, Hydrasun is a leading specialist provider of integrated fluid transfer, power and control solutions to the global offshore oil and gas industry. The business offers a diversified range of products, complemented by innovative manufacturing and technical support services to customers in over 50 countries worldwide.<\/p>\n

Equistone backed the management buyout of Hydrasun in October 2007 in a transaction that valued the business at \u00a375m. During the period of Equistone\u2019s investment, the Company has grown rapidly, increasing revenues from approximately \u00a350m in 2008 to over \u00a3105m for the financial year 2013. Coupled with numerous strategic initiatives implemented during its ownership, this growth has enabled Equistone to deliver a return in excess of 2.5x money on its c. \u00a340m investment. <\/p>\n

Since investing in 2007, Equistone has proactively supported Hydrasun\u2019s management team, who have effectively transitioned the business from being a North Sea centric distributor of fluid transfer products, into an international provider of integrated products, services and solutions to a global base of offshore oil and gas customers. Key initiatives over the period have included:<\/p>\n

\u00b7 Expansion of products and services
\no On an integrated basis Hydrasun now provides its customers with an extensive range of hydraulic power and control products (including hoses and umbilicals, subsea connectors, valves, instrumentation and a full suite of integrity management services).<\/p>\n

\u00b7 Investing in people and infrastructure
\no Construction of a new \u00a312m corporate headquarters in Aberdeen providing leading edge production, engineering and manufacturing facilities, the integrity management training centre, and warehousing.
\no Increased number of employees from 400 in 2007 to 600 in 2013.<\/p>\n

\u00b7 Strategic bolt-on acquisitions
\no ATR Hydraulics (2009), an Aberdeen based hydraulics company.
\no IFP Systems Ltd (2008), a hydraulic engineering company based in Rosyth, Scotland.
\no Remaq Ltd (2011), a Brazilian flexible hose assemblies provider.<\/p>\n

\u00b7 Geographic expansion into new international markets
\no Extension of the business into Kazakhstan, additional middle eastern markets, West Africa and South America.<\/p>\n

Rob Myers, Managing Director of Equistone Partners Europe, commented:<\/p>\n

\u201cThe original decision to invest in Hydrasun was underpinned by an opportunity to back a well-proven and high calibre management team in a fragmented and fast growing offshore oil and gas market. The team led by Bob Drummond, demonstrated real strategic vision and first rate execution skills to transform Hydrasun, in particular given highly challenging market conditions during 2008 and 2009. Equistone sought to proactively support the business and the team throughout the period of our investment. This partnership created an environment in which the scale of the business was significantly increased, enabling revenues to grow by over 100% and the global footprint of the business to be materially enlarged. Hydrasun is well positioned to continue the growth achieved given the strength and depth of its customer relationships and the credibility of the fully integrated offering. We wish the team every success in the next phase of the development of the business.\u201d <\/p>\n

Bob Drummond, CEO of Hydrasun, commented:<\/p>\n

\u201cWe are very pleased with the performance and significant growth and development of Hydrasun, and with our overall achievements over the past 5 years. We have achieved strong growth, a number of key strategic objectives, and consistently outperformed the oil and gas services sector. None of this would have been possible without the very proactive involvement and support of Equistone and the very effective working relationships and close partnership that we developed with them.\u201d<\/p>\n

Completion of the transaction remains subject to competition clearances.<\/p>\n

Rob Myers and Tim Swales led the realisation for Equistone. Advisers to Equistone on the transaction included:<\/p>\n

\u00b7 Corporate Finance \u2013 Simmons & Company International Limited
\n\u00b7 Financial Due Diligence \u2013 Deloitte Touche Tohmatsu Limited
\n\u00b7 Legal \u2013 Travers Smith LLP; Burness Paull & Williamsons LLP
\n\u00b7 Tax \u2013 KPMG LLP<\/p>\n

– Ends –<\/p>\n

For more information please contact:<\/p>\n

Equistone<\/p>\n

College Hill 0207 457 2020
\nPaul Downes
\nAntonia Coad
\nZinka Bozovic<\/p>\n

Notes to editors<\/p>\n

About Hydrasun<\/p>\n

\u2022 Hydrasun is a leading specialist provider of integrated fluid transfer, power and control systems to the energy, petrochemical, marine and utilities industries.
\n\u2022 Hydrasun\u2019s primary service offering includes:
\no the manufacture and assembly of hoses and other fluid transfer solutions;
\no production and installation of specialist undersea connectors;
\no maintenance and management of the integrity of connections;
\no design, manufacture and installation of hydraulic power and control solutions;
\no process and control services;
\no and engineering and technical support including training courses.
\n\u2022 Hydrasun is headquartered in Aberdeen, and has operational bases and manufacturing facilities in the UK, The Netherlands, Azerbaijan, Kazakhstan, West Africa and Brazil, a sales office in the United States, and operates in Egypt, the Middle East and Trinidad through strategic partnerships and distribution agreements.
\n\u2022 Hydrasun employs 600 employees worldwide.
\n\u2022 For further information, please visit www.hydrasun.com<\/p>\n

About Equistone Partners Europe<\/p>\n

\u00b7 Equistone Partners Europe Limited is an independent investment firm owned and managed by the former executives of Barclays Private Equity.
\n\u00b7 In January 2013, Equistone successfully completed the final closing of Equistone Partners Europe Fund IV with total capital commitments of \u20ac1.5bn.
\n\u00b7 The Company is one of Europe\u2019s leading investors in mid-market buyouts with a successful track record spanning over 30 years, with more than 350 transactions completed in this period.
\n\u00b7 Equistone has a strong focus on change of ownership deals and aims to invest between \u20ac25m and \u20ac125m of equity in businesses with enterprise values of between \u20ac50m and \u20ac300m.
\n\u00b7 The Company has a team of 33 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams.
\n\u00b7 Equistone Partners Europe Limited is authorised and regulated by the Financial Services Authority.<\/p>\n

The post Equistone Sells Hydrasun to Investcorp<\/a> appeared first on peHUB<\/a>.<\/p>\n

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Equistone Partners Europe has realised its investment in Hydrasun Limited to Investcorp. Established in 1976, Hydrasun is a provider of integrated fluid transfer, power and control solutions to the global offshore oil and gas industry. PRESS RELEASE Equistone Partners Europe Limited (\u201cEquistone\u201d), one of Europe\u2019s leading mid-market private equity investors, today announces that it has […]<\/p>\n","protected":false},"author":7476,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-642859","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/642859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7476"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=642859"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/642859\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=642859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=642859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=642859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}