3i agrees buyout of Dockwise

26 Dec 2006

3i, a global leader in private equity, and funds managed by 3i, today announces it has agreed the buyout of Dockwise Transport N.V., the Dutch heavy transportation company based in Breda, The Netherlands, from Dutch offshore services company Heerema Group and Norwegian maritime group Wilh. Wilhelmsen. The deal is valued at over $700m.

Dockwise is the world-wide market specialist in heavy-lift transportation for the marine and oil and gas industry.  It has a fleet of 15 semi-submersible vessels, of which four are specialised yacht carriers.  With a versatile fleet of vessels, Dockwise offers clients unparalleled flexibility and transport capacity on even the most complex of projects. 

Graeme Sword, 3i’s Head of Oil, Gas & Power team commented on the deal:  “Dockwise is a market leading business, recognised by its customers as offering a highly flexible and bespoke service.  We are attracted by its growth prospects, its highly recognised brand and its highly qualified people.  It is the type of company we want in the 3i portfolio. This investment is a great fit with both our sector and local presence in the Benelux and builds on our impressive track record in the oil, gas & power sector.”

Guus Overdijkink, Director in 3i Benelux, added:  “3i was uniquely placed to do this kind of deal, which led to the company’s interest in working with us.  We have drawn expertise from our European buyout teams in Amsterdam, London, and our Oil, Gas & Power team in Aberdeen to pull together a multi-national team whose market and operational experience and strategy aligned with that of the management team.”

3i is retaining the incumbent management team, led by CEO André Goedée.

André Goedée, CEO of Dockwise, summarised: “This is an exciting time for Dockwise.  The Heerema Group and the Wilhelmsen Group have been strong shareholders in the company and 3i is well placed to take the reigns and continue supporting our strategy for continued growth and development.”

About 3i

About 3i
3i is a world leader in private equity and venture capital.  We focus on buyouts, growth capital and venture capital and invest across Europe, in the United States and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.  These underpin the value that we deliver to our portfolio and to our shareholders.  www.3i.com

About 3i Buyouts
The 3i European Buyout Business is a leader in the European mid-market.  We lead mid-market buyouts up to €1bn using insight from our local knowledge, international connections, and our sector teams.  Managing over €3.5bn invested in over 100 companies across Europe, the business invests in all sectors, with a particular focus on media, healthcare and business support services. 3i recently raised a £5bn fund, the largest fund dedicated to mid-market buyouts. ‘Eurofund V’ will be invested in buyout transactions over the next four years, primarily in Europe.  In the Benelux, 3i Buyouts is currently invested in ABX, Aviapartner, Daalderop, Hyva, and Van Wijnen  and was invested in (inter alia) De Telefoongids, Refresco, and Malmberg.

About 3i Oil, Gas & Power
3i’s Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the UK, Norway, USA and Singapore.  The current portfolio includes EDP, an oilfield development project manager and Noreco, a Norwegian independent exploration and production company.  Successful realisations include Petrofac, the international oil and gas facilities service provider, which floated in October 2005; Revus Energy, the independent Norwegian upstream company, which floated in June 2005; and CH4 Energy, a leading exploration and production company, which was acquired by Venture Production plc in August 2006.  Other previous portfolio companies include Wood Group and Venture Production.