Ratos-backed GS-Hydro acquires First Hose for £4.5m

The transaction gave First Hose a £4.5m enterprise value, with an additional payment of up to £1.5m depending on performance.

GS-Hydro's bolt-on was financed with £4.5m of equity provided by owner Ratos.

The GP said the acquisition would improve GS-Hydro's services offering, as well as its position in the British North Sea where First Hose operates.

Previous funding
Ratos acquired GS-Hydro in 2001 in conjunction with its acquisition of the Atle Private Equity portfolio in a direct secondary transaction. The business was then called Arcorus and consisted of Hägglunds Drives and GS-Hydro.

The GP increased its stake in the company twice, before selling Hägglunds Drives to Bosch Rexroth in a €450m trade sale. Ratos also completed a SEK 473m recapitalisation in September 2008.

Company
First Hose is a provider of hoses for the UK offshore oil and gas industry, founded in 1989. The company provides offshore rig supply hoses, hydraulic hoses, industrial hoses, instrumentation and fittings for the oil and gas after-market in the British North Sea.

In 2014, First Hose had revenues of £8.4m with an EBITDA of £900,000.

People
Ratos senior investment manager Johan Pålsson led the deal for the GP.

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