Ratos takes stake in €1.17bn Aibel buyout

The agreed equity value for 100% of the shares of Aibel is NOK 5.4bn. The total value of the company, including net debt, stands at NOK 8.6bn.

Prior to the deal, Herkules controlled around 50% of Aibel through its Fund II and a special purpose vehicle. Herkules sold its entire stake in the company.

Meanwhile Ferd currently owns approximately 80% of Aibel, both directly and through its investment in Herkules Fund II - the group owns approximately 60% of the capital of Herkules Fund II.

Ratos contributed around NOK 1.4bn of equity to the deal. Ratos will own 32% of Aibel, the Swedish Sixth AP Fund 18% and Ferd 50%. Ratos will manage the Sixth AP Fund's ownership interest.

The changes in the capital structure are expected to be completed during the course of the first quarter of 2013.

Company
Founded in 2007 and based in Stavanger, Aibel is a supplier of services related to the oil, gas and renewable energy sectors. The company has around 5,500 employees in Norway and abroad, working both on fields and facilities.

Aibel is expected to post a NOK 10bn turnover and NOK 900m EBITDA for 2012.

People
Susanna Campbell is the CEO of Ratos. John Giverholt is the CEO of Ferd. Jan Skogseth is the president and CEO of Aibel. Gert W. Munte is a managing partner at Herkules and was chairman of Aibel prior to the deal.

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