LONDON (Alliance News) - Candover Investments PLC on Monday said that private equity manager Arle Capital Partners has agreed to sell Stork, which provides asset integrity services to the oil & gas, power and chemical sectors, to Fluor Corp for an enterprise value of EUR695.0 million.
The private equity investment trust, which has invested alongside funds managed by Arle Capital, said the sale of Stork completes its exit from investments held through Stork Holding BV following the sale of Fokker Technologies earlier this year to GKN PLC for EUR706.0 million.
The sale of both Stork and Fokker will generate about GBP18.7 million in cash for Candover, versus a valuation of GBP26.6 million as recorded on June 30.
The deal is expected in early 2016, following an employee consultation and regulatory clearances.
The sale of Fokker, which serves the commercial, military and business jet markets, completed on October 28.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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