KKR snaps up Acteon Group

Deal: Acteon Group has a new majority owner

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By Luke Johnson & news wires

 01 October 2012 20:01 GMT

UK offshore-services player Acteon Group has a new majority owner after an affiliate of private equity firm Kohlberg Kravis Roberts (KKR) bought the group from rival First Reserve.

Terms of the deal were not disclosed, but two well-placed sources told Reuters that the deal values Acteon at between £800 million and £900 million ($1.3 billion and $1.45 billion).

Existing management, which will remain laregly in place, will retain "a significant holding" and Houston-based private equity firm White Deer Energy will also be a part owner of Acteon, according to a statement.

First Reserve bought a 52% interest in Acteon in 2006 for £70 million, according to Reuters. Since then, Acteon has completed eight acquisitions, quadrupled its operating profits and "significantly…

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