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Buyout group in £87 takeover of Oil service company

Buyout group in £87 takeover of Oil service company
Oil service company Velosi is being bought by private-equity firm Carlyle Group for about £87million.

Oil service company Velosi is being bought by private-equity firm Carlyle Group for about £87million.

Velosi’s worldwide locations include Aberdeen, where it has eight staff and about 20 contractors.

A spokesman for Velosi said the Granite City workforce was being expanded and the takeover would not lead to any job losses.

Velosi provides testing, inspection and certification services to the energy industry.

Carlyle already owns the Applus Group, which is described as a leader in testing, inspection, certification and technological services.

Alex Wagenberg, managing director of the Carlyle Group, said: “As expected at the time of our investment in Applus, the Carlyle Group has been supportive of an accelerated growth and acquisition strategy to transform Applus into a global leader in its areas of competence.

“The acquisition of Velosi, with the additional financial support of the Carlyle Group and its partners, is the most important step to date in achieving that strategy.

“We are very excited about the combined prospects for the enlarged Applus Group as it works with Velosi and its highly-regarded team in very attractive growth markets.”

Joaquim Coella, chief executive of Applus, said: “Velosi is a leader in its field, and has a very experienced and well respected management team which has an impressive track record of growth and client service worldwide.

“The addition of Velosi to the Applus Group, led by its current management, will strengthen our international presence and leadership in several of our current activities. This acquisition will complement our services to Applus’s clients in the energy industry currently focused on non-destructive testing worldwide and inspection and technical assistance mainly in Europe and South America, as well as providing Velosi with access to additional products and technologies for its client base.”

Velosi CEO Nabil Abdul Jalil said: “The integration with the Applus Group is an important step for Velosi, which will become part of a global multinational leader in testing, inspection and certification.”

John Hogan, Velosi’s non-executive chairman, said: “This is an attractive offer for Velosi shareholders. The independent directors are unanimous in recommending that shareholders accept the offer which represents a 61.4% premium to yesterday’s share price and, being a cash offer, provides certainty to all Velosi shareholders.

“Becoming part of the Applus Group will significantly enhance Velosi’s ability to achieve its commercial objectives in the current market environment, which realistically would be less achievable if the company continues to operate independently.”

Velosi was founded in 1982 and has 63 offices in 39 countries worldwide. It had revenue of about £117million last year.

Applus Group was founded in 2007 and operates in 39 countries across five continents. It had revenue of about £684million in 2009.

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