Lime
Rock Partners and SGAM/4D Global Energy acquire Serimer DASA
Posted: 04 June 2004
Private equity investors Lime Rock Partners and SGAM/4D Global
Energy Development Capital Fund, both specialists in the energy
sector, have teamed up to buy Serimer DASA from Stolt Offshore.
Serimer provides automatic welding services for onshore and offshore
pipelines.
The business is based north of Paris with headquarters at Mitry
Mory and operations at Villers-Cotterêts. Serimer DASA North
America, a wholly owned affiliate, has offices in Houston, Texas.
With global sales of circa Euro40m, Serimer is the global market
leader and employs over 200 people, mostly in France.
Simmons & Company International introduced the deal to Lime
Rock Partners and was lead advisor to the purchasers. Bank of Scotland
is the provider of the leveraged debt package.
The Paris office
of international law firm Simmons & Simmons acted as legal
advisors to the investors. Alain Hersent, CEO of Serimer DASA,
explains: “nearly 30 years ago the French contractor ETPM
established automatic welding as an in-house service and completed
the first contract in 1979. In 1998 the unit was formed into a
separate company as Serimer DASA offering services outside as well
as within the ETPM Group. Stolt’s acquisition of ETPM in
2000 gave a further boost to Serimer’s activities such that
the business has grown significantly over the past 3 years. We
look forward to continuing a very healthy relationship with Stolt
which will remain our largest customer”.
Commenting on the deal from the investors’ perspective,
Lawrence Ross of Lime Rock Partners said: “World wide pipeline
activity remains on an upward path. Serimer provides a crucial
capability to this segment of the energy industry and has a reputation
for providing outstanding service to both the offshore and onshore
sectors. It is a dynamic business with excellent people who have
the talent to make Serimer into a superb business in all respects.
The investors look forward to helping those people achieve that
aim”.
Lime Rock Partners was established in 1998 as a private equity
fund that invests solely in the energy sector in North America
and Europe. It has $420m under management and offices in Westport,
Houston, Calgary and Aberdeen.
For further information see www.lrpartners.com
SGAM/4D Global Energy Development Capital Fund was established
in 2003 as a private equity fund dedicated to making investments
in middle market companies operating in the oil and gas sector.
It has $81m under management and is incorporated in Dublin. Serimer
DASA is the Fund’s third investment.
For further information
see www.4dgea.com
Posted by Richard Price,
Editor Pipeline Magazine
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