The transaction is expected to close during July. Arcapita and its co-investors acquired Roxar in February 2006 for a transaction value of approximately $216 million.
Roxar provides innovative technology solutions which allow energy companies worldwide to optimize production from oil and gas reservoirs. Roxar was Arcapita's first corporate acquisition in the Nordic region and the divestment is Arcapita's third liquidity event for investors in its European private equity portfolio since the start of 2007, following the recapitalization of Vogica, the French manufacturer and retailer of kitchens and bathrooms, completed in April 2007, and the recapitalization of Paroc, the Finland-based manufacturer of stone wool insulation products, which was completed in June 2007.
Atif A. Abdulmalik, Chief Executive Officer of Arcapita, stated "The divestment from Roxar after a 15 month investment holding period represents an excellent outcome for our investors. Roxar is the first exit from our European investment portfolio, and demonstrates our ability to source and manage high quality investment opportunities from Europe for the benefit of our investors. To date, Arcapita has exited from 13 portfolio investments for a total transaction value in excess of $3.0 billion, generating attractive returns for our investors."
Mounzer Nasr, Arcapita's European Head of Corporate Investment commented: "Our European corporate investment portfolio has been progressing very well, and we are pleased to deliver this successful exit for our investors. Roxar's management team has delivered solid growth over the last 15 months, which positioned the company as an attractive acquisition target for CorrOcean, a strategic buyer whose business is complementary to Roxar's."
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Arcapita announces agreement to sell Roxar for USD370 million
- Bahrain: Sunday, July 01 - 2007 at 16:56
- PRESS RELEASE
Arcapita Bank B.S.C.(c), a leading international investment firm headquartered in Bahrain, has announced the signing of a definitive agreement to sell Roxar AS for approximately USD370 million to CorrOcean ASA, a publicly traded company based in Norway.
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Notes and media contacts
For further information, please contact:Jon Earl, Financial Dynamics
Tel: +973 17 537 072
Tim Doyne, Arcapita Bank B.S.C.(c)
Tel: +973 17 218 333
About Arcapita
Headquartered in Bahrain with offices in Atlanta, London and Singapore, Arcapita's four principal lines of business are corporate investment, real estate investment, asset-based investment and venture capital. To date, the Bank has completed 60 transactions with a total value of approximately $19.2 billion and has an equity capital base in excess of $900 million. Arcapita's mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns whilst adhering to Islamic principles.
About Roxar
Roxar is a leading international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers through innovative products and services that help achieve maximum performance from oil and gas reservoirs.
With its head offices in Stavanger, Norway, Roxar employs over 670 staff across a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East. Founded in May 1999, the company generated revenues of approximately $160 million in 2006. Roxar's international customer base includes all of the multinationals, major independents and the majority of national oil companies.
About CorrOcean ASA
CorrOcean ASA (Oslo Børs: COR) offers a range of state-of-the-art monitoring equipment to the oil and gas industry, including equipment for detecting and quantifying corrosion, erosion, sand production, pressure, temperature and flow force in conventional and subsea oil and gas wells. Founded in 1992, the company, which has 80 employees, serves a wide range of customers in the oil and gas sector and has offices in Norway, the United States and Italy.
Posted by Lara Lynn Golden, News EditorSunday, July 01 - 2007 at 16:56 UAE local time (GMT+4)
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