Baar-Zug, 22 November 2013
Partners Group, the global private markets investment manager, has agreed to invest, on behalf of its clients, in the mezzanine debt financing of Norwegian headquartered the Well Intervention Services Business in the acquisition of the business by EQT VI.
The Well Intervention Services Business will be acquired from Aker Solutions ASA, the Norwegian oil services company, and is a leading provider of well intervention services for the oil and gas industry. The company's services help increase production and extend the life of existing oil and gas wells. The Well Intervention Services Business has shown robust performance during the economic downturn benefiting from strong underlying growth in its core markets across the globe. The credit quality is reinforced by the attractive underlying industry demand dynamics and high barriers to entry.
René Biner, Partner and Head Private Finance, comments "We are excited to have the opportunity to support the growth of this market leader in the well intervention segment as it transitions to a stand-alone independent business. With the Well Intervention Services Business, Partners Group will have completed over 115 direct mezzanine investments on behalf of its clients around the globe, and this investment reflects our ambitions to increase our investment activities in the energy space. We are delighted to be able to add such a strong company to our portfolio.”
Christopher Bone, Senior Vice President in the Private Debt team, adds “The company provides mission critical services to a blue-chip customer base in a fast growing market, underlining why this is an attractive mezzanine investment opportunity. We are delighted to be able to support the growth of this business under new ownership.”