Reuters: Private Equity: RLPC-Acteon's $1.6 bln sale kicks off

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RLPC-Acteon's $1.6 bln sale kicks off Apr 23rd 2012, 12:46 By Claire Ruckin LONDON, April 23 | Mon Apr 23, 2012 8:46am EDT LONDON, April 23 (Reuters) - The 1 billion pound ($1.6 billion) sale of British oil services firm Acteon by majority shareholder private equity firm First Reserve has begun after information on the company was sent to potential buyers, banking sources said. JP Morgan has been appointed to advise on the sale process of the Norwich-based firm, which is likely to attract interest from both private equity and trade buyers, the bankers said on Monday. An official timetable is being put together for the sale which could see Acteon fetch 10 times its roughly 100 million pound EBITDA, the bankers said. A staple financing is being co-ordinated to provide a debt package to back the buyout, the bankers said. First Reserve bought a 52 percent stake in Acteon in 2006 for a reported 70 million pounds. In 2007 the company raised 100 million in loans to refinance existing debt, finance further acquisitions and for general corporate purposes, according to Thomson Reuters LPC data. Acteon provides subsea services and equipment to oil and gas production companies. It specialises in rig moorings and the decommissioning of wells and has permanent bases in the UK, U.S., Germany, Brazil and Malaysia.

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