EVPE sells Enpro to Hunting $33m

Hunting will pay $33m on completion, plus a potential maximum earn-out of $3m based on EBITDA performance in 2020.

The acquisition is intended to strengthen Hunting's subsea offering.

Members of the Enpro management team also sold their stakes in the company and are expected to stay on.

Previous funding
EVPE invested in the company in January 2018 as a part of its pledge to invest $200m in North Sea businesses. The firm committed to dedicate $200m to the region's oil and gas companies in November 2016. The firm's most recent fund, Energy Ventures IV, closed on $350m in April 2011.

Company
Enpro was founded in 2011 and develops subsea production technology that has been adopted by offshore operators within the global oil and gas industry. Enpro's products focus on delivering production enhancing technologies and include flow access modules, flow intervention services and decommissioning.

Enpro's head office is in Aberdeen with subsidiaries in Ghana, Norway and the US. The business currently has a headcount of 40 staff and generated revenues of $14.1m and EBITDA of $3.4m in 2019.

People
EV Private Equity – Greg Herrera (senior partner).
Hunting – Jim Johnson (CEO).
Enpro Subsea – Ian Donald (CEO).

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

• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Energy Ventures IS
• Trade sale