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 Maurice McBride as an independent non-executive director. Maurice had 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.
Palatine
