28 May 2013
STAR Capital Partners announces the sale of its investment in Blohm + Voss Oil Tools
STAR Capital Partners (“STAR”) announces the sale of Blohm + Voss Oil Tools to Forum Energy Technologies, Inc., a global provider of manufactured technologies and applied products to the energy industry.
Blohm + Voss Oil Tools, a leading manufacturer of a comprehensive range of pipe handling equipment used on offshore and onshore drilling rigs, was acquired by STAR in January 2012 from Thyssen Krupp AG as part of its broader acquisition of the non-military parts of the Blohm + Voss Group.
The remaining Blohm + Voss businesses under STAR’s ownership, Blohm + Voss Repair and Blohm + Voss Shipyards, are unaffected by this sale.
Paul Gough, Partner of STAR, commented:
“We are very pleased to have supported Blohm + Voss Oil Tools’ substantial growth as an independent organisation. Forum is extremely well placed to leverage Blohm + Voss Oil Tools’ established brand, high quality product portfolio and skilled design and manufacturing team on a global scale. The transaction is a great result for Blohm + Voss Oil Tools’ employees, STAR and Forum. We wish all those at the company well under its new ownership”.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented:
“Blohm + Voss Oil Tools significantly strengthens the tubular handling offering within our Drilling Technologies product line. The Blohm + Voss brand name is well recognised in the industry and has a strong reputation for delivering high quality products to a global customer base. Blohm + Voss Oil Tools’ strength in international and offshore markets complements Forum’s strength in the North America land market. In addition, we see an opportunity to expand the market for our combined product offering by utilising our existing global sales, distribution and service channels. We welcome all of the Blohm + Voss Oil Tools to the Forum family”.
The sale is subject to regulatory approval. STAR was advised by Macquarie Capital and SJ Berwin.