The Aberdonian chief executive of international oilfield service group Expro has predicted a “fantastic future” for the business under its new ownership.
Graeme Coutts was speaking to the Press and Journal yesterday after the finalisation of the £1.81billion sale of the company to private- equity interests.
The consortium made up of Candover Partners, Goldman Sachs Capital Partners and AlpInvest Partners was successful in its bid, despite interest from US oilfield service giant Halliburton.
The private-equity interests made their initial bid of £14.35 a share in the middle of April, though the winning offer was £16.15 a share.
Shares had soared to a record high of £12.99 on February 29 after it said it had received a preliminary proposal which may lead to an offer from an undisclosed suitor.
Reading-based Expro employs about 700 in Aberdeen out of a global workforce of more than 4,000.
Its London-listed shares will be cancelled tomorrow.
Mr Coutts said: “The management team will be remaining intact and the message for staff is very positive.
“These big private investors saw us as being dramatically undervalued on the London Stock Exchange.
“They have paid handsomely for a company with a very focused strategy.
“We are looking forward to a fantastic future.”
The chief executive said the new owners were financially fully committed to maintaining the needs of Expro.
More buys by the group – perhaps of associated technology – were forecast by Mr Coutts.
He would not rule out deals in the UK and internationally of £25million upwards.
The chief executive thanked his worldwide staff yesterday for remaining loyal and focused during the prolonged takeover discussions.
He told staff the new owners were well established and highly knowledgeable and had real ambition, adding: “The change from public to private ownership will be smooth and I would not expect you to notice any material difference.”