The deal is valued in excess of USD 700 million.*
“Both shareholders are extremely pleased with the transaction and believe that 3i is the best fit for guaranteeing continuation of the Dockwise organisation and business,” says Nico Pronk, CFO of the Heerema Group and deputy CEO Sjur Galtung in Wilh. Wilhelmsen ASA.
Deutsche Bank Securities Inc. has advised Heerema and Wilh. Wilhelmsen on exploring strategic alternatives and the sale process. The sale is motivated by the fact that both Heerema and Wilh. Wilhelmsen wish to focus on their respective core businesses.
Dockwise is the world-wide market specialist in heavy-lift transportation for the marine and oil and gas industry. It has a fleet of 15 semi-submersible vessels, of which four are specialised yacht carriers. With a versatile fleet of vessels, Dockwise offers clients unparalleled flexibility and transport capacity on even the most complex of projects.
“Dockwise is a market leading business, recognised by its customers as offering a highly flexible and bespoke service. We were attracted by its growth prospects and its highly recognised brand. It is the type of company we want in the 3i portfolio. This investment is a great fit with both our sector and local presence in the Benelux and builds on our impressive track record in the oil, gas and power sector,” comments Graeme Sword, 3i’s head of Oil, Gas & Power team.
3i is retaining the current management team in Dockwise, led by CEO André Goedée.
“This is an exciting time for Dockwise. The Heerema Group and the Wilh. Wilhelmsen group have been strong shareholders in the company and 3i is well placed to take the reigns and continue supporting our strategy for continued growth and development,” summarises André Goedée, CEO of Dockwise.
Heerema and Wilh. Wilhelmsen have owned 76% and 24% respectively of Dockwise.
Norwegian press release attached below.
For further information, please contact:
Dockwise
Jacqueline van den Bergen, +31 76-54 84 100 Jacqueline.van.den.Bergen@dockwise.com
Hereema
Lars Walder, Bijl Partners +31 65343 2765
l.walder@bijlpr.nl
Wilh. Wilhelmsen ASA
Cecilie Stray + 47 977 00 802
cecilie.stray@wilhelmsen.com
3i
Helen Adams, + 44 20 7975 3465,
helen.adams@3i.com
Notes to editors
*Please note the reference to the transaction price in paragraph 1 is dependant on the damage incurred to the Dockwise vessel Mighty Servant 3, which recently was involved in an accident.
About 3i
3i is a world leader in private equity and venture capital. We focus on buyouts, growth capital and venture capital and invest across Europe, in the United States and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders. www.3i.com
About 3i Buyouts
The 3i European Buyout Business is a leader in the European mid-market. We lead mid-market buyouts up to €1bn using insight from our local knowledge, international connections, and our sector teams. Managing over €3.5bn invested in over 100 companies across Europe, the business invests in all sectors, with a particular focus on media, healthcare and business support services. 3i recently raised a £5bn fund, the largest fund dedicated to mid-market buyouts. ‘Eurofund V’ will be invested in buyout transactions over the next four years, primarily in Europe. In the Benelux, 3i Buyouts is currently invested in ABX, Aviapartner, Daalderop, Hyva, and Van Wijnen and was invested in (inter alia) De Telefoongids, Refresco, and Malmberg.
About 3i Oil, Gas & Power
3i’s Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the UK, Norway, USA and Singapore. The current portfolio includes EDP, an oilfield development project manager and Noreco, a Norwegian independent exploration and production company. Successful realisations include Petrofac, the international oil and gas facilities service provider, which floated in October 2005; Revus Energy, the independent Norwegian upstream company, which floated in June 2005; and CH4 Energy, a leading exploration and production company, which was acquired by Venture Production plc in August 2006. Other previous portfolio companies include Wood Group and Venture Production.
About Dockwise
Dockwise serves her clients with a fleet of 15 semi-submersible vessels. With a versatile fleet of vessels of different concepts and designs, Dockwise offers clients unparallelled flexibility and transport capacity.
Five open-deck heavy transport vessels and four heavy transport and product carriers are mainly deployed for transportation of drilling rigs and offshore platform components. Two dock-type vessels are primarily used for transporting port and industry-related cargo. Four other vessels are permanently deployed as luxury yacht carriers. The Company’s head office is located at Breda, The Netherlands and its worldwide presence is maintained through sales and marketing offices in Houston and Fort Lauderdale, USA, Shanghai in China and in Golfe Juan, France as well as commercial agents in other parts of the world. www.dockwise.com
About Heerema Group
Heerema Group is a group of companies operating worldwide specialising in design, project management, construction, fabrication, transportation, installation, and removal of offshore facilities for the oil and gas industry. Since its founding in 1948, Heerema has been family-owned and operated. For more information www.heerema.com.