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08/2009

Palatine Private Equity takes majority stake in AIR ENERGI

UNITED KINGDOM Professional Services / HR & Capital / Temp Work / Staffing EV £20–50M

Context

Palatine Private Equity, then trading as Zeus Private Equity, backed the management buyout of Air Energi Group in August 2009, investing £10.0 million of equity alongside the existing team led by Ian Langley. The transaction valued the oil and gas manpower services provider at an enterprise value of £20–50M, an EV/EBITDA multiple of 5x–12x on an EBITDA of £0–5M. The investment was intended to fund the company’s expansion into new countries, including Japan, the Middle East and Papua New Guinea, and to meet demand from the large international energy contractors it served. Over the holding period, Palatine worked with management to arrange additional working capital facilities and to complete acquisitions in Papua New Guinea and Singapore, while the company opened offices in Japan, Russia, Iraq and Saudi Arabia. The firm also brought in an independent non-executive director with experience of the oil and gas industry and of business services more broadly.

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Target

Air Energi supplies engineers and technical specialists to oil and gas companies, on contract, project or permanent assignments. It recruits and selects the personnel its clients need, then employs them and handles their payroll, visas, travel, accommodation and support throughout their postings, often on remote sites or in countries where those arrangements are complex. Its clients are energy companies and contractors, and it works through a network of offices in the producing regions where its contractors are deployed.

Ent. Value

£20–50M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2009
[members only]
£0–5M
[members only]
2008
[members only]
£0–5M
[members only]

Other operations with AIR ENERGI

Other operations with AIR ENERGI

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
01/2016SWIFT WORLDWIDE RESOURCESAIR ENERGIUNITED KINGDOMTemp Work / Staffing
10/2012LGV CapitalAIR ENERGIUNITED KINGDOMTemp Work / Staffing

REFERENCES

Valuation range: EV £20–50M

EBITDA range: £0–5M

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AIR ENERGI by Palatine Private Equity are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: palatine private equity