PORTFOLIO — BUSINESS SERVICES

Air Energi

Air Energi is an international manpower services business specialising in the oil and gas sector providing contract, project and staff hire engineers and technical specialists. The company also delivers in-country support for its contractors.

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Key Facts

Initial investment: 10/08/2009

Sector – Business Services

Fund — Buyout Fund I

Status — Realised

Investment highlights

  • Increased global operational base through several new office openings including Japan, Russia, Iraq and Saudi Arabia.
  • Completed strategic acquisitions in Papua New Guinea and Singapore.
  • Sourced an independent non-executive director with vast experience across both the oil and gas industry and wider business services.
  • Worked with management to secure additional working capital facilities to support growth.
  • Doubled profitability in a three year period to circa £10.5m on exit.
  • Successfully exited the business in October 2012 via a secondary buyout, achieving a 3x return in just over three years.

Partnership Motivation

Air Energi was one of the leading players in the oil and gas manpower services sector, managing several long-term contracts with major global oil and gas companies, giving good revenue visibility. We were impressed by the highly experienced management team, led by Ian Langley. There was also a significant opportunity to grow the business geographically and via acquisition.

“Air Energi is one of the leading businesses in its sector, with a truly international footprint. Its growth in the past three years, both organic and acquisitive, leaves it well-positioned for the future. I wish the team all the best in the future and with their partnership with LGV.”

Gary Tipper
Managing Partner, Palatine

Investment Team