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Air Energi Group, a leading provider of trusted expertise to the global oil and gas industry, has completed a management buyout led by LGV Capital.

The deal sees LGV acquire a majority interest in the business and was supported by HSBC, who provided a senior debt package and various increased working capital facilities globally.

Palatine Private Equity, Air Energi Group’s previous Investor, has exited the business after three years.

During the period of their investment, the business has more than doubled net profitability.

Ian Langley Air Energi Group Chairman commented: “We are very pleased to complete this buyout transaction following a positive investment experience for Palatine and all of the shareholders in the business.”

“We are looking forward to working with LGV as our new partners in the future. Our market continues to offer exciting opportunities for growth which we will seek to exploit as well as further enhancing our excellent quality of service to our clients.

LGV’s equity investment positions Air Energi perfectly for continued future growth. Our strategy is, with LGV’s support, to become a half a billion-dollar turnover business by the end of 2013 and to doubling profitability again within the next five years.”

Air Energi’s sell side corporate finance advisors for the deal, were Deloitte Manchester, led by Andy Westbrook and Oliver Tebbutt, supported by Ryan Hallworth. Rebecca Grisewood and Kate Richards from Gateley solicitors provided legal advice to management and Palatine throughout the transaction. HSBC were represented by Alan Rigby and Noel Jones.

Ian stated “”The Air Energi Management Team led by CEO Duncan Gregson and FD Ken McPherson and our advisors worked for almost twelve months to complete this transaction and, in the case of management, also surpassed group performance targets. Without their dedication in tough economic conditions, we wouldn’t have concluded this transaction today. I would also like to thank HSBC who were able to deliver an appropriate debt package, not only to our UK business, but to all our operations globally.”

About Air Energi Group

With over 30 years’ experience, Air Energi is the premier supplier of trusted expertise to the oil and gas industry. Headquartered in Manchester UK, Air Energi has regional hubs in Houston, Doha, Singapore and Brisbane and employs more than 200 permanent staff and over 2,000 technical consultants.

The group has offices in 35 locations worldwide and operational experience in more than 50 global project locations. Through our company values: safe, knowledgeable, innovative, passionate, inclusive and pragmatic, Air Energi DELIVERS, each and every time.

About LGV Capital

LGV Capital is a well established provider of private equity in the UK mid-market and has over two decades of successfully backing management teams in growing the value of their businesses. LGV Capital focuses principally on transactions with an enterprise value in excess of &pound25 million. We cover all industry sectors, but have a particular emphasis on Services, Consumer, Healthcare and Leisure. Our team has a strong track record of investing in quality businesses, which are looking for an investment partner to help them grow and evolve.

LGV Capital was established in 1986 as the private equity arm of Legal & General Group plc, a FTSE-100 quoted insurance company. It is a subsidiary of Legal & General Investment Management which manages over &pound380bn. Since formation, LGV Capital has developed into one of the leading UK mid-market private equity firms with an enviable track record across multiple funds, having successfully invested over &pound1.6bn in

more than 85 companies.

Air Energi represents the fourth investment LGV has made in the oil and gas sector.

Alan Rigby, HSBC’s Head of Corporate Banking in the North West, said: “We have been working closely with Air Energi since becoming its primary banking partner in 2010, adding value by using our international footprint to ensure we’re providing the most efficient cash management and debt facilities to the business on a global scale. The funding in support of today’s secondary management buyout reflects our confidence in both the Air Energi senior management team and the business’ future prospects for sustainable business growth.”


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