M&A Deal Summary

Blue Water Energy and BGF Acquire ROVOP

On April 1, 2015, private equity firm Blue Water Energy and growth capital firm BGF acquired energy services and equipment company ROVOP from Maven Capital Partners

Acquisition Highlights
  • This is Blue Water Energy’s 4th and BGF’s 4th transaction in the Energy Services and Equipment sector.
  • This is Blue Water Energy’s 3rd and BGF’s 68th transaction in the United Kingdom.

M&A Deal Summary

Date 2015-04-01
Target ROVOP
Sector Energy Services and Equipment
Buyer(s) Blue Water Energy
BGF
Sellers(s) Maven Capital Partners
Deal Type Secondary Buyout

Target

ROVOP

Aberdeen, United Kingdom
ROVOP specializes in all aspects of ROV (Remotely Operated Vehicle) operations, servicing the offshore oil & gas and renewable sectors. ROVs are unmanned underwater vehicles used to complete tasks in subsea environments. Applications include wind farm cable-lay & ongoing inspection; construction; survey; and the inspection, repair, and maintenance of pipelines and subsea infrastructure. ROVOP was founded in 2011 and is based in Aberdeen, United Kingdom.

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Buyer(S) 2

DESCRIPTION

Blue Water Energy is a private equity firm focused on building energy companies. Blue Water looks to invest up to $150 million per project with a focus on production, upstream equipment and services, and midstream/downstream equipment and services. Blue Water typically invests in partnership with experienced management teams that have a track record of value creation. Blue Water Energy was formed in 2011 and is based in London.


DEAL STATS #
Overall 5 of 24
Sector: Energy Services and Equipment M&A 4 of 15
Type: Secondary Buyout M&A Deals 1 of 3
Country: United Kingdom M&A 3 of 11
Year: 2015 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-31 Siccar Point Energy

Aberdeen, United Kingdom

Siccar Point Energy Ltd. is a full-cycle production, development and exploration company focussed on high quality, low cost, long-life assets on the UK Continental Shelf. Siccar business now includes interests in four of the largest UK assets by remaining reserves (Schiehallion, Mariner, Cambo, and Rosebank) as well as an extensive portfolio of additional high-quality material development and exploration opportunities. Siccar Point Energy is based in Aberdeen, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 Drilling Systems

Dorset, United Kingdom

Drilling Systems Ltd. offers a wide range of simulators, software and training products and services for the oil & gas industry.

Buy -
Buyer

BGF

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2011
PE ASSETS 2.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Business Growth Fund (BGF) is a private investment firm focused on early and growth-stage investing across the UK. The Firm also invests in publicly traded companies. BGF's growth team looks to invest £1 to £15 million in small to mid-sized companies looking for additional capital to pursue growth. BGF was established in 2011 and is headquartered in London.


DEAL STATS #
Overall 69 of 370
Sector: Energy Services and Equipment M&A 4 of 4
Type: Secondary Buyout M&A Deals 1 of 8
Country: United Kingdom M&A 68 of 345
Year: 2015 M&A 8 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-18 Vysiion

Wiltshire, United Kingdom

Vysiion Ltd. is a communications infrastructure and outsourced IT, service provider. Vysiion Ltd. delivers proven technology solutions to release efficiencies and cost savings for public and private sector clients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-17 Rethink Group

London, United Kingdom

Rethink Group delivers recruitment and talent management services in the UK and internationally. Working with large corporates, the business focuses on business & technology and life sciences & pharmaceutical sectors. Rethink Group was founded in 2005 and is based in London, United Kingdom.

Buy -

Seller(S) 1

SELLER

Maven Capital Partners

Glasgow, United Kingdom

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2009
PE ASSETS 760M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Maven Capital Partners UK LLP (MCP) invests in lower mid-market companies throughout the UK. The Firm also provides mezzanine financing. MCP focuses on profitable companies with proven track records, balanced management teams, and diverse products and services. Maven looks to invest £2 - £20 million in businesses valued from £10 - £40 million. Sectors of interest include specialist manufacturing, health/pharmaceuticals, energy services, leisure, financial services, software and computer services, communication/IT, chemicals, food/beverage, media, consumer products, and support services. Types of transactions include MBOs, MBIs, BIMBOs, take privates, recapitalizations, and growth capital financings. Maven Capital Partners UK LLP was formed in 2009, following a management buyout of Aberdeen Asset Management's Private Equity division. Maven is based in Glasgow with additional offices in Aberdeen, Birmingham, Edinburgh, London and Manchester.


DEAL STATS #
Overall 12 of 86
Sector: Energy Services and Equipment M&A 2 of 7
Type: Secondary Buyout M&A Deals 4 of 21
Country: United Kingdom M&A 11 of 84
Year: 2015 M&A 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-31 Flow Communications

Hertfordshire, United Kingdom

Flow Communications provides flexible networking security solutions to customers throughout the UK and Europe. Flow Communications was founded in 2008 and is based in Hertfordshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-13 Traceall Global

Bellshill, United Kingdom

Traceall Global Limited operates and trades on an international scale, delivering state of the art web data management solutions for tracking, traceability, and monitoring of equipment and assets to multiple verticals. Traceall Global is based in Bellshill, United Kingdom.

Buy -