M&A Deal Summary

General Electric Acquires Vetco Gray

On February 23, 2007, General Electric acquired oil/gas exploration company Vetco Gray from Candover Investments, 3i Private Equity, CCMP Capital, Intermediate Capital Group and Arle Capital Partners for 1.9B USD

Acquisition Highlights
  • This is General Electric’s 1st transaction in the Oil/Gas Exploration sector.
  • This is General Electric’s 9th largest (disclosed) transaction.
  • This is General Electric’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2007-02-23
Target Vetco Gray
Sector Oil/Gas Exploration
Buyer(s) General Electric
Sellers(s) Candover Investments
3i Private Equity
CCMP Capital
Intermediate Capital Group
Arle Capital Partners
Deal Type Add-on Acquisition
Deal Value 1.9B USD

Target

Vetco Gray

London, United Kingdom
website
Vetco Gray is a supplier of drilling, completion and production equipment for on- and offshore oil and gas fields, including subsea applications. The business employs 5,000 people in more than 30 countries, with key centers in Houston (USA), Aberdeen (UK), Stavanger (N), Oslo (N) and Singapore. Major products include flow control valves, control systems, wellheads, manifolds, risers and associated after-market services.

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Buyer(S) 1

Buyer

General Electric

Boston, Massachusetts, United States

website

Category Company
Founded 1892
Sector Diversified
Employees205,000
Revenue 76.6B USD (2022)
DESCRIPTION

General Electric is a diversified technology and financial services corporation. Products and services range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. General Electric was founded in 1892 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 12 of 41
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 9 of 30
Country (United Kingdom) 2 of 5
Year (2007) 2 of 3
Size (of disclosed) 9 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-11 Terion

Plano, Texas, United States

Terion, Inc. provides wireless location software for tracking and monitoring mobile and remote assets. Terion was formed in 1994 and is based in Plano, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-04 Smiths Aerospace

United States

Smiths Aerospace, Inc. is a supplier of integrated systems for aircraft manufacturers and components for engine builders. The business holds key positions in the supply chains of all major military and civil aircraft and engine manufacturers

Buy $4.8B

Seller(S) 5

SELLER

Candover Investments

London, United Kingdom

website

Category Private Equity Firm
Founded 1980
PE ASSETS 8.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Candover Investments is a private equity firm that targets investments in European and Asian companies operating in broad range of industries. Candover's primary focus is on businesses located in Western Europe; including the UK, France, Germany, Italy, Scandinavia, and Spain. However, the Firm also considers opportunities in Asia and Eastern Europe. The Firm's target investment size is €150 to €500 million in businesses valued between €500 million and €5 billion. Sectors of interest include media, financial services, support services, leisure, healthcare, technology, and industrial. Candover Investments was formed in 1980 and is based in London.

DEAL STATS #
Overall 6 of 26
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 5
Country (United Kingdom) 3 of 9
Year (2007) 1 of 4
Size (of disclosed) 2 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-27 Hilding Anders

Malmo, Sweden

Hilding Anders is a bed and mattress manufacturer which sells both branded and private-label products in over 40 markets and has delivered strong growth over the past decade. Hilding Anders was founded in 1939 and is based in Malmo, Sweden.

Buy €996M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Parques Reunidos

Madrid, Spain

Parques Reunidos is an owner and operator of recreational infrastructure with a presence in Europe, North America, and Australia. The company portfolio comprises over 60 assets (theme parks, aquatic parks, animal parks, and other attractions) distributed in 45 locations and receiving over 20 million visitors per year. Parques Reunidos was founded in 1967 and headquartered in Madrid, Spain.

Buy -
SELLER

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1945
PE ASSETS 16.7B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.

DEAL STATS #
Overall 64 of 192
Sector (Oil/Gas Exploration) 3 of 3
Type (Add-on Acquisition) 18 of 60
Country (United Kingdom) 28 of 64
Year (2007) 6 of 26
Size (of disclosed) 1 of 77
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-22 Lekolar

Osby, Sweden

Lekolar is a provider of educational and learning material, furniture, toys, stationery, arts & crafts and playground materials to pre-schools and secondary schools in the Nordics. The company is active in Norway, Denmark, Finland and Sweden. Lekolar was formed in 1884 and is headquartered in Osby, Sweden and has a purchasing office in Shanghai.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 Clinica Baviera

Madrid, Spain

Clinica Baviera offers a full range of ophthalmological treatments, from refractive eye surgery for the correction of visual defects such as myopia and astigmatism. Clinica Baviera is based in Madrid, Spain.

Sell -
SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 32 of 78
Sector (Oil/Gas Exploration) 4 of 4
Type (Add-on Acquisition) 9 of 22
Country (United Kingdom) 2 of 6
Year (2007) 3 of 9
Size (of disclosed) 8 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-13 Pinnacle Foods

Parsippany, New Jersey, United States

Pinnacle Foods, Inc. is a manufacturer and marketer of branded convenience food products in the United States and Canada. Its product range includes frozen dinners and entrees, frozen seafood, breakfasts, bagels, pickles, peppers and relish, baking mixes and frostings, and syrups and pancake mixes.

Sell $2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 American Reprographics

Walnut Creek, California, United States

American Reprographics Company (Fund IV) is the largest reprographics company in the U.S., providing document management services to the architectural, engineering and construction industries and to other industries that require sophisticated document management services. ARC operates 177 reprographics service centers in the United States and Canada. The company's common stock is publicly-traded under the symbol 'ARP.' The company is headquartered in Walnut Creek, California.

Buy -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 77 of 217
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 18 of 67
Country (United Kingdom) 29 of 59
Year (2007) 3 of 16
Size (of disclosed) 7 of 73
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Fraikin Groupe SA

quai Le Gallo, France

Fraikin is the French leader in long-term leasing of commercial vehicles and holds a 25% market share. Fraikin’s customer growth has mainly been in the area of parcel delivery and transportation, as well as in the food industry and distribution.

Buy €1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-28 Dako AS

Glostrup, Denmark

Dako AS is a global leader in tissue based cancer diagnostics. Dako provides reagents, instruments and software for high-quality cancer diagnosis and efficient laboratory processes.

Buy $1.3B
SELLER

Arle Capital Partners

London, United Kingdom

website

Category Private Equity Firm
Founded 2011
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Arle Capital Partners Ltd. Is a private equity partnership firm focuses on acquiring business located in the UK, Scandinavia, and Western Europe. The Firm targets companies operating in the fields of energy, natural resources, industrial, and business services. It seeks to invest in companies with an enterprise value of up to €1 billion. Arle Capital spun-out of Candover Investments in 2011 and currently manages all of Candover's investment interests. The Firm is based in London.

DEAL STATS #
Overall 1 of 16
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 5
Country (United Kingdom) 1 of 4
Year (2007) 1 of 6
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-27 Hilding Anders

Malmo, Sweden

Hilding Anders is a bed and mattress manufacturer which sells both branded and private-label products in over 40 markets and has delivered strong growth over the past decade. Hilding Anders was founded in 1939 and is based in Malmo, Sweden.

Buy €996M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Parques Reunidos

Madrid, Spain

Parques Reunidos is an owner and operator of recreational infrastructure with a presence in Europe, North America, and Australia. The company portfolio comprises over 60 assets (theme parks, aquatic parks, animal parks, and other attractions) distributed in 45 locations and receiving over 20 million visitors per year. Parques Reunidos was founded in 1967 and headquartered in Madrid, Spain.

Buy -
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