Ardian’s CLS acquires Horizon Marine

The acquisition is in line with the development strategy for CLS designed by its backers Ardian, the French Space Agency (CNES) and French ocean research group Ifremer. Ardian did not provide any additional capital to finance the deal following its initial investment in 2013. Horizon Marine will provide CLS with almost 40 new accounts, in return gaining access to CLS satellite data.

According to CLS, 35% of the world's oil comes from offshore operations and is expected to hit 50% by 2016. The Gulf of Mexico, in which Horizon Marine operates, currently accounts for 38% of the world's offshore oil fields with around 60 active fields.

Headquartered in Toulouse, CLS is an ocean observation and monitoring company. It works on ocean safety and environmentally friendly strategies for oil and gas companies. It has five business sectors covering sustainable management of marine resources, environmental monitoring, maritime security, support for onshore and offshore oil operations and the geolocation of land vehicles. Clients include Total, Shell, Petrobras and Tullow Oil.

Horizon Marine is the second CLS subsidiary in the US, in addition to the company's Lanham office. The group also operates in Canada, Peru, Chile, Brazil, Spain, the Netherlands, Russia, Japan, South Korea, Vietnam, China, Indonesia and Australia. CLS generated turnover of €96m in 2014 and expects that to increase to €107m for 2015. It employs 500 people.

Previous funding
Ardian invested €30m in CLS Group in November 2013, becoming the second largest shareholder in the company after CNES. The GP stated its intention to drive the firm's national and international expansion by following an acquisitive growth strategy.

Company
Founded in 1982, Horizon Marine is a service provider to offshore oil companies, focusing on the analysis of ocean currents and eddies in the Gulf of Mexico. It works with independent, as well as larger, oil and gas companies.

Headquartered in Marion, it also has operations in Texas and Brazil. The company employs 22 people and generated revenues of $8.5m in 2014. It expects to see sales of $10m in 2015.

People
Christophe Vassal is president of the CLS Group board of directors. Jim Feeney is founder of Horizon Marine.

Advisors
Equity – Mooreland Partners (M&A).

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