LGV buys Air Energi from Palatine

HSBC provided a senior secured financing package and additional working capital for the deal.

Air Energi's previous backer, Palatine, bought the business in August 2009 for £30m, with Barclays providing debt facilities. Palatine reaped a 3x return on its original investment following the sale to LGV.

Company
Air Energi is a technical consulting firm focusing on the oil and gas industry. Headquartered in Manchester, the company operates offices in 35 different countries. Most recently, it added offices in Moscow, New Orleans, The Hague and Basra. Air Energi employs 200 people permanently and 2,000 consultants on a project basis.

In 2011, the company's projected turnover was £208m, with £8m EBITDA. Air Energi is planning to increase its turnover to £500m annually by 2013.

People
Managing director Gary Tipper led the exit for Palatine. Air Energi CEO Duncan Gregson and financial director Ken McPherson led the participation of the management team.

Advisers
Vendor – Gately Solicitors, Rebecca Grisewood, Kate Richards (Legal).
Company – Deloitte Manchester, Andy Westbrook, Oliver Tebbutt, Ryan Hallworth (Corporate finance).
Management – Gately Solicitors, Rebecca Grisewood, Kate Richards (Legal).

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