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First Reserve exits oil & gas services company Acteon with KKR sale

1 Oct 2012

KKR has acquired a majority interest in subsea oil and gas services company Acteon Group from First Reserve, with management retaining a “significant” holding in the company.

The executive management team will remain in place. Further terms of the transaction were not disclosed, however in April of this year, AltAssets reported that First Reserve was seeking £1bn for the sale,  around ten times the company’s $100m EBITDA. The firm bought a majority stake in Acteon through its tenth Reserve fund in 2006.

Houston‐based private equity firm White Deer Energy will also invest alongside KKR and management.

Will Honeybourne and Jeff Quake, First Reserve managing directors, said in a statement, “We have enjoyed working with the company’s talented management in their relentless goal to build an industry leader and we are delighted with the impressive success the company has achieved. Since our initial investment in 2006, Acteon has completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint. We thank the entire Acteon team and wish them every success for continued growth in the future.”

Josselin de Roquemaurel, director, KKR, added, “This is a growth investment, in partnership with a highly entrepreneurial management team. We are excited to support Acteon and work with the team to develop it as a leading global franchise for offshore and subsea energy services.”

Originally founded in 1989, Acteon is a service provider to the worldwide offshore oil and gas and renewable markets. Headquartered in Norwich, UK, it has facilities in Brazil, Singapore, UAE, Malaysia, China, UK, the US and Germany.

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