TOKYO and NEW YORK, March 19,
2012 /PRNewswire/ -- Marubeni Corporation (TYO: 8002), one
of the largest Japanese trading companies, Innovation Network
Corporation of Japan (INCJ), a
government-sponsored private equity corporation, and Riverstone
Holdings LLC, a leading conventional and renewable energy focused
private equity firm, today announced jointly that Marubeni and INCJ
have agreed to acquire Seajacks International from funds controlled
by Riverstone Holdings. The terms of the transaction were not
disclosed.
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The sale is expected to close at the end of April 2012.
Marubeni intends to integrate the Seajacks business into its Power
Projects & Infrastructure division.
Seajacks International is an offshore services company that
operates primarily in the European offshore wind market but also
serves the European offshore oil and gas markets. Seajacks owns and
manages self-propelled jack-up vessels equipped for the harsh
conditions of the North Sea. Riverstone and the Seajacks'
management team acquired Seajacks in January
2010 in a take-private transaction. Since then, Seajacks has
expanded its operations throughout Europe and is in the process of adding vessels
to its fleet. The next vessel is set to be delivered in
May 2012.
Masumi Kakinoki, Executive
Officer and COO of Marubeni Corporation, said, "Marubeni's current
involvement in offshore wind projects in Europe and our engineering, procurement &
construction expertise make Seajacks an ideal fit for our
portfolio. Together, we will be able to build on Seajacks' leading
position in the European offshore energy services sector."
Kimikazu Noumi, President and CEO
of INCJ, said, "INCJ encourages the development of renewable energy
and is happy to announce the acquisition of Seajacks, a key player
in offshore wind. I am confident that Seajacks and Marubeni will
continue to perform a significant role in the growing offshore
energy service sector."
Lord Browne of Madingley of Riverstone Holdings said, "We are
very proud of the fleet which the Seajacks management team has
assembled and the value the company has created for our investors
while meeting the needs of the fast-moving offshore renewable
energy industry in Europe. We wish
Seajacks and Marubeni future success."
Blair Ainslie, Managing Director
of Seajacks UK, said, "I am delighted that this transaction has
been agreed. This is a logical step forward for Seajacks, and great
news for our loyal staff and for our valued customers. With
Marubeni and INCJ as our owners, we will be able to expand our
fleet and consolidate our position as one of the leading turnkey
offshore energy service companies in Europe. We expect to announce the commencement
of construction of new vessels in the very near future to take
advantage of the significant business opportunities we are
seeing."
About Marubeni Corporation
Marubeni is a publicly traded company with a market capitalization
in excess of US$12.5 billion as of
29 February 2012 and annual total
revenues of US$44,384 million as of
31 March 2011. It is one of the
largest trading houses in Japan
and is involved in metal, minerals and energy resources, food
products and materials, paper and pulp, chemicals, textiles,
transportation machinery, electric power and other infrastructure
projects, among others. For more information, visit
www.marubeni.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and
power-focused private equity firm with over $18 billion of equity capital raised across seven
investment funds and co-investments, including the world's largest
renewable energy fund. Riverstone conducts buyout and growth
capital investments in the midstream, exploration & production,
oilfield services, power and renewable sectors of the energy
industry. With offices in New
York, London and
Houston, the firm has committed
approximately $16.4 billion to 80
investments in North America,
Latin America, Europe and Asia. For more information, visit
www.riverstonellc.com.
About INCJ
INCJ was established in July 2009 as
a public-private partnership that provides financial, technological
and management support for next-generation businesses. INCJ
specifically supports those projects that combine technologies and
varied expertise across industries and materialize open innovation.
INCJ has the capacity to invest approximately 2 trillion yen.
To date, INCJ has invested approximately 355 billion yen in a total of 21 projects and is
currently focused on a broad range of areas from green energy,
electronics, IT and biotechnology to infrastructure-related sectors
such as water supply. For more information, visit
www.incj.co.jp/english/.
Contacts
For Marubeni Corporation:
Kyoko Kawase
+81-3-3282-3243
Kawase-K@marubeni.com
For Riverstone Holdings LLC:
James David
+1 212-521-4825
james-david@kekst.com
KEKST AND COMPANY
or
Jeffrey Taufield
+1 212-521-4815
jeffrey-taufield@kekst.com
KEKST AND COMPANY
For Innovation Network Corporation of Japan
Hiyama / Mochizuki / Kobayashi
+81 3-5218-7200
info127@incj.co.jp
SOURCE Riverstone Holdings LLC