Exponent and Charterhouse fail to agree on V.Ships

The latest development in the sales process is believed to originate from a disagreement on the offer, which was revised to include a cash and earn-out clause whereas Exponent would prefer an all-cash offer. According to reports, talks are still ongoing and Exponent is still looking to agree a sale by the end of July; however it is likely that a bidder other than Charterhouse will be chosen. The sale could value the company at $500m.

Exponent hired Lazard to undertake a strategic review of V.Ships, with a view to a possible sale in January. It is believed that Cinven and Permira also showed interest in the company along with Canadian pension fund Omers.

Exponent purchased the company for around £180m from CBPE in 2007, which had in turn acquired 45% of the firm for $67m in 2003.

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• Topics
• UK / Ireland
• Industrials
• Exponent Private Equity
• Charterhouse Capital Partners