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Champ Private Equity and headland Capital partners up Miclyn stakes

24 Apr 2013

ship boat oil tankerAustralian firm Champ Private Equity and Hong Kong-based peer Headland Capital Partners have reportedly increased their stakes in vessel company in Miclyn Express Offshore.

The two firms hired UBS to find sellers for A$2.2 per share, which represents a 14.6 per cent premium to the company’s closing price of $1.92 on Tuesday, said the Wall Street Journal, citing familiar with the matter.

As a result, Champ and Healand each bought a further stake of 8.1 per cent to up their shareholding to 41.1 per cent and 34.1 per cent respectively.

Champ acquired a 33 per cent interest for A$199m from Macquarie Group’s investment banking unit last September.

Miclyn specialises in providing ships to oil and gas exploration and production companies.

The business is governed by the Bermuda corporate law, which requires bidders to own 95 per cent of a business before compulsory buying the rest of the company.

Champ and Headland now collectively own 75 per cent and could vote for a takeover or merger, which would also require board approval.

The report noted that the firms, which currently have two out of five board seats, could convene a special general meeting to increase their representation.

Back in November it was reported that Champ agreed to sell the Australian operations of its printing and communications portfolio business Blue Star Group to a consortium including Wolseley Private Equity and CaxtonWeb.

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