A$47m Management Buyout of TSMarine APAC with CHAMP Ventures and US$25m Acquisition Debt Facilities
November 2009

Tsmarine

Azure was engaged by TSMarine APAC in November 2008 to explore alternatives to an existing takeover offer from a NYSE-listed oil and gas company for their UK parent company.

Azure considered trade sale, IPO and private equity alternatives for the company, and following a road show to potential equity investors in April 2009, Azure was appointed Financial Adviser to TSMarine and CHAMP Ventures for the MBO of TSMarine’s Australian and Singaporean subsidiaries (APAC divisions).

The highly complex MBO involved coordinating a large number of stakeholders in addition to the client, including the UK parent’s shareholders, its senior and junior debt holders, Norwegian vessel owners, owners of the underwater ROVs, together with their professional advisers.

In November 2009, TSMarine successfully completed the $47 million management buyout of the APAC divisions, supported by US$25 million in acquisition debt facilities (including amortising, bullet, guarantee and working capital tranches).

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Trade Sales

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“Although our work is frequently transaction oriented, we are most effective when we develop deep and long lasting relationships with our clients.”

“Above all, we are highly committed to client service in the provision of superior professional advice and the successful execution of transactions.”