Headland launches $357m Kreuz takeover offer
Hong Kong- based PE firm Headland Capital Partners has launched a takeover offer for Singapore-listed Kreuz Holdings, a subsea services provider to the offshore oil and gas industry. Under the terms of the proposed agreement, all outstanding shares of Kreuz will be sold to SEA9 - a subsidiary of the $1.38 billion Headland Private Equity Fund 6 - at S$0.80 piece, valuing the company at S$445m ($357m). The share price represents a premium of 11.1% and 39.6% above the 6-months and 12-months volume weighted average prices respectively of Kreuz Shares to November 1.
Kruez listed on the Singapore exchange in 2010. Its subsea services include supporting new offshore installation and construction projects, as well as inspection, repair and maintenance of existing offshore production and pipeline facilities. According to a statement, the capital raised will allow Kreuz to buy new vessels and support the growth of the business.
"The transaction represents an attractive and exciting opportunity for SEA9 to invest in a focused subsea services provider. Headland and SEA9 are well positioned to partner with Kreuz to provide resources and strategic input to assist the Company in pursuing future growth initiatives," said Paul Kang, a senior partner of Headland.
Headland is currently an investor in Miclyn Offshore Express, a company which provides service vessels to the expanding offshore oil and gas industry across South East Asia, Australia and the Middle East, alongside CHAMP Private Equity. Headland invested $141 million in the company in 2011, also through Fund 6. In September, Headland and Champ offered to buy the 24.8% stake they did not already own for A$150 million ($137 million).
More on Buyouts
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.