Lime Rock Partners and SGAM/4D Global Energy Announce Acquisition of Serimer DASA6/16/2004
WESTPORT, Conn., June 16, 2004 – Private equity investors Lime Rock Partners and SGAM/4D Global Energy Development Capital Fund, both specialists in the energy sector, have teamed up to buy Serimer DASA from Stolt Offshore for a net consideration of €33m. Serimer provides automatic welding services for onshore and offshore pipelines. The business is based north of Paris with headquarters at Mitry Mory and operations at Villers-Cotterêts. Serimer DASA North America, a wholly owned affiliate, has offices in Houston, Texas. With global sales of approximately €40m, Serimer is the global market leader and employs over 200 people, mostly in France.
Lime Rock Partners has a controlling interest in the new business and has appointed Lawrence Ross and Simon Munro to the Board of Directors where they are joined by Simon Eyers of 4D, David Williams as independent Chairman and Alain Hersent, CEO of Serimer DASA. Bank of Scotland provided debt financing for the acquisition.
Alain Hersent stated: “Nearly 30 years ago the French contractor ETPM established automatic welding as an in-house service and completed the first contract in 1979. In 1998 the unit was formed into a separate company as Serimer DASA offering services outside as well as within the ETPM Group. Stolt’s acquisition of ETPM in 2000 gave a further boost to Serimer’s activities such that the business has grown significantly over the past 3 years. We look forward to continuing a very healthy relationship with Stolt, which will remain our largest customer.”
Commenting on the deal, Lawrence Ross, Managing Director at Lime Rock Partners, said: “Worldwide pipeline activity remains on an upward path. Serimer provides a crucial capability to this segment of the energy industry and has a reputation for providing outstanding service to both the offshore and onshore sectors. It is a dynamic business with excellent people who have the talent to make Serimer into a superb business in all respects. The investors look forward to helping achieve that aim.”
About Lime Rock Partners and SGAM/4D Global Energy Development Capital Fund:
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm with over $420 million under management dedicated to investing in energy companies with high growth potential. With offices in the major energy centers of North America and Western Europe, Lime Rock targets growth equity investments in companies involved in oil field services, oil field technology, midstream services, and exploration and production. For more information please visit www.lrpartners.com.
SGAM/4D Global Energy Development Capital Fund was established in 2003 as a private equity fund dedicated to making investments in middle market companies operating in the oil and gas sector. It has $81 million under management and is based in Dublin. For further information see www.4dgea.com.
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