GMT makes 2.3x on Seagull exit to Herkules

According to unquote" sources, the deal value stands in the region of €100m. The exit is the third from GMT's 2006-vintage GMT III fund and the vehicle will have returned 85% of the drawn-down capital as a result of the SBO.

For Herkules, the acquisition comes in the same week as the GP completed one its best ever exits, having sold Nordic coffee retailer Espresso House for around NOK 2.2bn.

GMT expects to complete the deal in June, less than three years after it bought Seagull in a management buyout in September 2012.

Company
Seagull provides computer-based training systems for the maritime and oil and gas industry, aimed at improving regulatory compliance and seafarer knowledge, among other subjects.

Founded in 1996, the company is headquartered in Horten, south of Oslo, but also has offices in Germany, Greece, Japan, Poland, Singapore and the UK.

People
GMT senior partner Natalie Tydeman led the exit. Oscar Johansen is the founder and chairperson of Seagull.

Advisers
Vendor – Capstan Capital Partners (Corporate finance); Shearman & Sterling, Tenden Advokatfirma (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Nordics
• Support services
• Exits
• Buyouts
• Secondary buyout
• Herkules Capital
• GMT Communications Partners
• Norway