Arle Capital Partners today announces that portfolio company Expro International “Expro”, the international oilfield service company, has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens AG at a valuation of US$630 million.
Expro’s C&M business is a market leader in the design, manufacture, assembly and installation of subsea electrical power and data connectors and temperature and pressure sensors.
The C&M business had revenues of approximately US$119 million in the calendar year 2011. The C&M business employs approximately 450 people in Ulverston in the UK, Bømlo in Norway, Houston in the US, Niterói in Brazil and Johor in Malaysia.
Expro Chief Executive Officer, Charles Woodburn , said:
“We received several unsolicited indications of interest for our C&M business last year, allowing us to explore strategic alternatives that led to the optimal outcome for our shareholders, customers and employees. We are very pleased with the result of the sale process. We will look to use the net proceeds from the sale of the C&M business to repay existing borrowings and support our strong position within the industry by further investing in the growth strategy of our core business. We wish Siemens and everyone at C&M every success in the future.”
Mark Dickinson, Partner at Arle Capital Partners added:
“C&M has grown strongly under our ownership and we are delighted with the outcome of the resulting strategic review. Arle will now concentrate on working actively with Expro to ensure it capitalises upon the tremendous growth the group is enjoying in its principle well flow management operations. Expro has had a winning start to 2012 having recently added several significant order wins and enjoying an order pipeline of well over $1 billion.”
The sale is conditional upon receipt of approval from competition authorities in Norway. Completion of the sale is expected to take place in May 2012.
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Offshore WIND staff, March 20, 2012; Image: https://exprogroup
Expro