CHAMP Ventures exits TSmarine
CHAMP Ventures last week completed its first foray into the gas and oil sector, finalizing the sale of TSM Group Holdings Pty Ltd. and its subsidiaries (collectively TSmarine) to Fugro Holdings Australia Pty Ltd.
Details of the deal were not disclosed, but TSmarine's growing footprint in both the East and West is said to have influenced Fugro Australia's parent, Dutch-based Fugro NV, an oil and gas-focused geotechnical and surveying company, to make its purchase.
TSmarine Asia Pacific, a Perth-based global subsea specialist oil and gas services provider, had been profitable since its 2006 launch, but its growth prospects were held in check by the distressed state of its former UK parent. This changed in November 2009, when CHAMP partnered with TSmarine's incumbent management team, led by CEO John Edwards, to execute an MBO.
"Our strong and supportive relationship with CHAMP Ventures enabled us to grow our potential in a very difficult marketplace," Edwards said of the recent deal.
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