Prezioso Linjebygg As
Prezioso Linjebygg As Pets
Prezioso has grown significantly under Cinven’s ownership with revenue and EBITDA growth of 57% and 65% respectively. Commenting on the transaction, Nicolas Paulmier, Partner at Cinven, said: “Cinven acquired Prezioso in June 2012. Since then, Prezioso has constantly grown its earnings in its key geographies. We had the privilege of working with a highly skilled and entrepreneurial management team to achieve this result.“Cinven has a significant track record of successful ‘buy and build’ investment strategies. Prezioso is no exception. The acquisition of Norwegian oil and gas services business, Linjebygg Offshore, was transformational for Prezioso; it significantly internationalised the business and positioned the Group as a global asset integrity champion away from a multi-local maintenance provider when we acquired the business. We are delighted that Prezioso will continue its development within a high quality Industrial group with a very strong entrepreneurial culture.”Pierre Estrade, Senior Principal at Cinven, added: “Over the last four years, together with management, Cinven has made a significant investment in Prezioso’s governance, organisation, procedures and tools to support our ambitious expansion strategy for the Group.
As a result, Prezioso has been able to deliver double digit revenue and profit growth.“We believe that Altrad has a clear and ambitious vision for Prezioso which will provide the Group with new addressable market opportunities and further significant growth prospects. We wish the Prezioso and Altrad management teams every success going forward.”. Olivier Dufour, Chief Executive of Prezioso, commented: “We were keen to work with Cinven at the outset, particularly given the team’s track record of investing significant capital into businesses to accelerate growth. Together we have continued Prezioso’s remarkable development; significantly enhanced our geographic coverage and the range of services we provide to our key customers in the energy sector. Cinven has also provided us with the support and assistance we needed to adapt in the face of challenging oil and gas market conditions, enabling us to continually meet our customer’s requirements for cost-effective, innovative, value-added solutions.“We are delighted that Cinven has entered into negotiations with Altrad, the European leader in its chosen markets and a Company that shares our values and our vision for the future development of our combined group. We consider that Altrad is the ideal partner for the future, which is excellent news for all of our stakeholders.”Mohed Altrad, President of the Altrad Group, commented: “A year after the acquisition Hertel, the acquisition of Prezioso will be another huge step in the implementation of our strategy towards recurring services businesses. Prezioso and Altrad complement each other perfectly in relation to their range of services, geographies and industries which we believe will generate numerous opportunities for our employees and our clients.
Prezioso Linjebygg As A Fraction
In particular, Prezioso will bring its strengths in corrosion protection, the maintenance of off shore oil & gas production assets, rope access, as well as its presence in Africa and Northern Europe. “We have been particularly impressed by Prezioso’s track record and by the commitment of its management team and employees. On our side, we are committed to providing the necessary resources and support to continue accelerating their development going forward.”Cinven invested in Prezioso from the Fifth Cinven fund.