This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Acteon Group Announces Change In Ownership: First Reserve Corporation Sells Majority Interest In Acteon To KKR

Stocks in this article: KKR

Acteon Group Ltd (“Acteon”) today announces the acquisition of a majority interest in the company by an affiliate of Kohlberg Kravis Roberts & Co. L.P (together with its affiliates, “KKR”) from First Reserve, with management retaining a significant holding in the company. The executive management team will remain in place. Further terms of the transaction were not disclosed.

Acteon has built a significant subsea services business in the oil and gas sector. This latest investment will support the continued delivery of its ambitions and of its goal to define the market in this relatively new and expanding part of the upstream industry. As part of the transaction, the Houston-based private equity firm White Deer Energy will be investing alongside KKR and management.

Will Honeybourne and Jeff Quake, First Reserve Managing Directors, said “We have enjoyed working with the company’s talented management in their relentless goal to build an industry leader and we are delighted with the impressive success the company has achieved. Since our initial investment in 2006, Acteon has completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint. We thank the entire Acteon team and wish them every success for continued growth in the future.”

Dominic Murphy, a Member of KKR, and Josselin de Roquemaurel, a Director of KKR, said: “This is a growth investment, in partnership with a highly entrepreneurial management team. We are excited to support Acteon and work with the team to develop it as a leading global franchise for offshore and subsea energy services.”

Originally founded in 1989, Acteon is a leading service provider to the worldwide offshore oil and gas and renewable markets. With a strong global presence, the company provides specialist subsea services for life-of-field operations from exploration through to decommissioning and generates substantial revenues from deep-water applications. Headquartered in Norwich, UK, with facilities in Brazil, Singapore, UAE, Malaysia, China, UK, the US and Germany, Acteon has completed projects in most of the world's prolific offshore oil and gas basins.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs