IK to sell Veritas Petroleum Services to Fremman Capital

The planned exit comes eight years after IK, via its its IK VII fund, acquired the company from its Norwegian parent Det Norske Veritas (DNV).

Mergermarket reported in April this year that the GP had hired Rothschild to run the sale process and that the company was being marketed off EBITDA between €18-20m, with a valuation that could fetch 9-12x EBITDA. The publication also reported that VPS had revenues of $60-70m.

The GP said that under its ownership, VPS reinforced its leadership position within its core markets, introduced various additional services, and concluded three strategic acquisitions.

The transaction is subject to legal and regulatory approvals.

Company
Founded in 1980 and headquartered in Rotterdam, the Netherlands, VPS is a provider of testing and inspection services, enabling marine, power and renewable clients to optimise their operational performance and comply with environmental regulation. The company has 270 employees.

People
VPS - Malcolm Cooper (CEO).
IK Investment Partners - Frederik Jacobs (director).
Fremman Capital - Andrew Chetwood (director).

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