Caird to cash in on PSN

Returns figures haven't been mooted, but it is fair to say the backer will cash in nicely on the energy services provider, given the sale price is around 4x the price paid for PSN in 2006.

The deal, due to complete by the end of June, was announced just weeks after Caird sold VUE in a £450m buyout to Doughty Hanson in November, generating around 4x money for the backer, according to unquote" data.

Most coverage of the PSN sale has named Sir Tom Hunter's West Coast Capital as the main winner from the deal, but Caird will walk away with the biggest spoils, given its 40% stake dwarfs Hunter's 7%.

Caird Capital is the spinout of Bank of Scotland Integrated Finance, which became part of Lloyds following the merger and then, last summer, saw its 40 private equity assets bought in a Coller Capital and Lloyds joint venture.

Caird bought PSN in a $280m MBO from KBR Halliburton in May 2006. Since the 2006 MBO, PSN has created more than 2,500 new jobs and seen its EBITDA increase by 70%. This was largely on the back of international expansion, with revenues from overseas more than doubling under Caird's stewardship.

 

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