Japan's Chiyoda acquires PE-backed energy consultancy
Chiyoda Corp, a Japanese engineering contractor, has acquired a majority stake in Scottish energy consultancy business Xodus Group from UK private equity backer Simmons Parallel Private and Dutch investor Sunrise Xodus. Financial details were not disclosed.
Established in 2005, Xodus is an international energy consultancy providing services in oil, gas and low carbon industries. The company was capitalized at GBP975,000 ($1.4 million) as of year-end 2012 with revenues of GBP61 million. It is actively seeking further global expansion through acquisitions.
Simmons and Sunrise together paid around GBP10 million for their stakes in Xodus, buying from John Lawrie Group and former Xodus director Richard Heard in 2010.
Chiyoda, which is a contractor to the hydrocarbon and chemical industries, recently announced it would prioritize offshore energy development projects as part of its growth strategy. The move is in response to increasing energy exploration in deep water and stranded areas.
"Chiyoda believes that a capital alliance with Xodus will complement and enhance Chiyoda's competence which is necessary to be a player in offshore and upstream projects," the company said in a statement.
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