CHAMP, Headland Capital up stake in Miclyn Express
CHAMP Private Equity and Headland Capital Partners have raised their stakes in Miclyn Express Offshore, a firm which provides vessels to support exploration and production of oil and natural gas.
The private equity firms together hired UBS to canvass the market for sellers at A$2.20 ($2.26) a share, a 14.6% premium to the stock's closing price of A$1.92 - its lowest closing price in 12 months after an updated outlook for earnings earlier Tuesday.
According to a release, both CHAMP and Headland have each acquired another 8.1%, or 22.5 million shares in Miclyn. Champ and Headland owned 33% and 26% of the company, respectively, before the trades.
Champ acquired its stake for A$199 million last September from Macquarie Capital, the investment banking arm of Macquarie Group. The firm paid A$2.15 per share in cash, plus a further A$0.10 per share conditional on certain earnings milestones being achieved.
Headland bought its stake in August 2011, paying $141 million. It made the investment through Headland Private Equity Fund 6, which has $1.388 billion in capital and targets deals of $40-150 million.
The firms said in October 2012 that they would work together to "collectively achieve a positive outcome", which included granting each other rights around the acquisition and disposal of shares.
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