Advent acquires V Group from Omers PE

Kenny Wastell
06 December 2016

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Advent International has acquired UK-based shipping company V Group from Omers Private Equity (Omers PE).

Omers PE has reinvested in the business as part of the deal, while V Group's management team will also retain a minority stake.

Under its new ownership model, V Group will look to undertake an international growth strategy, expanding into new market segments and making bolt-on acquisitions.

The transaction marks the first European exit by Canada-based Omers PE, which launched its London office in 2009.

Under the vendor's tenure, V Group has expanded internationally via the acquisitions of Bibby Ship Management and Selandia Ship Management Group. The GP said in a statement it has also invested in developing the company's operational structure and technology platform, as well as supporting an ongoing recruitment drive.

The vendor received a number of pre-emptive approaches for V Group, an Omers PE spokesperson told unquote", including an initial offer from Advent.

Previous funding
Omers PE acquired V Group from Exponent Private Equity for an enterprise value of $520m in July 2011. Exponent had previously been in talks with Charterhouse over a potential sale, though the parties failed to reach an agreement.

Company
Headquartered in London and founded in 1984, V Group provides shipping management and support to companies operating in the cargo, defence and passenger cruise segments, in addition to the oil & gas sector. The company focuses on the technical management of vessels, as well as providing personnel and advisory services.

V Group has 70 offices across the globe and employs around 3,000 people.

People
Advent International – James Brocklebank (managing partner); Haris Kyriakopoulos (director).
Omers Private Equity – Mark Redman (global head).
V Group – Clive Richardson (CEO).

Advisers
Vendor – Weil Gotshal & Manges (legal); EY (financial due diligence).
Company – Goldman Sachs (corporate finance).