MBO at V Holdings
By IBI Magazine
Marine services provider V Holdings has teamed up with Exponent Private Equity in a buy-out of V Holdings on the UK's Isle of Man. Close Brothers Private Equity, an investor since 2003, has reinvested some of the proceeds from its previous 50 per cent holding to keep a minority interest.
V Holdings provides ship management and related services to more than 900 vessels in both the cargo and leisure segments with $12 billion of assets under management. It also provides manpower recruitment, management and training as well as financial and commercial services such as financing and ship broking. Group revenue in 2006 was $196.6 million, a 42 per cent increase over the previous year.
"With this new investment structure V Holdings is appropriately capitalised to pursue our business strategy involving an ambitious agenda for organic growth and selective acquisitions in the shipping and energy services sectors," says Donald Anderson, V Holdings Group CEO.
"The Exponent team impressed us in terms of what they've achieved since their founding in 2004," he adds. "Their views on future development of the V Holdings group closely match our own and they recognise what we have achieved to date. That, combined with their experience investing in a varied range of sectors, make Exponent an ideal investment partner for us."
Founded in 1984, V Holdings has offices in 68 locations in more than 30 countries serving 300 major clients and employing 1,600 permanent staff and nearly 25,000 contract staff. Through its three business units — V Ships, V People and V Investments — it provides ship management and related services to over 900 vessels, manpower recruitment, management and training as well as financial and commercial services such as financing and ship broking.
(19 March 2007)
|
