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Champ exits LCR Group to Archer Capital in A$200m deal

3 Jul 2014

lcrAustralian firm Champ Private Equity has reportedly exited industrial transport company LCR Group to peer Archer Capital.

The sale took place after a logistics company that had an option to buy LCR failed to bid, said Reuters, citing a source familiar with the deal.

LCR was valued at A$200m ($187.5m) in the deal, said the person.

Champ acquired a majority stake in the company in 2008 and in 2012 sold an option to buy LCR to logistics gorup McAleese.

McAleese has bene plagued with problems including a tanker-truck accident  and cancelled contracts.

In the meantime, another company backed by Champ, Shelf Drilling, has just cancelled its IPo on the London Stock Exchange.

The firm launched the company in 2012 to acquire 38 drilling rigs from Transocean.

In february this year Champ appointed John Haddock as its first CEO.

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