OEG’s executive management will retain a significant holding in the company as part of the deal.
KKR has used at least $100m of its own capital to pay for the stake rather than investing through a fund according to a source with knowledge of the transaction.
Part of OEG’s business is manufacturing and leasing specialist cargo carrying units used daily by oil and gas operators to transport equipment and supplies to and from rigs and platforms.
OEG CEO John Heiton said, “We have achieved significant growth in OEG to date but our teams have the appetite to accelerate our further development through both organic and acquisitive means.”
Scotland-headquartered OEG has regional hubs in the main offshore oil and gas regions including Singapore, Australia and the US with a further 20 stocking locations worldwide.
KKR’s previous investments in growth companies servicing the global offshore energy sector include Acteon, RigNet, Avincis (Bond Aviation) and Weststar.
The private equity giant also announced a merger of assets with Riverstone today which will increase both firms’ coverage of the Barnett Shale basin in Texas.
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