Candover Investments says Arle Capital Partners has agreed to sell Stork to Fluor Corporation for an enterprise value of €695m.
The sale of Stork, provider of knowledge-based asset integrity services, completes the full exit of the investments held through Stork Holding BV following the sale of Fokker Technologies earlier this year to GKN plc for €706m.
The sale of both Stork and Fokker will generate combined cash proceeds for Candover of c.£18.7m which compares to a valuation at 30th June 2015 of £26.6m. Of the anticipated proceeds approximately £0.4m will be held in escrow from the Fokker disposal. Proceeds held in escrow are anticipated to be released at different stages with the first payment due in the middle of next year.
The Stork transaction is expected to complete in early 2016 after completion of the necessary employee consultation processes and requisite regulatory clearances. The sale of Fokker completed on 28 October 2015.
CDI : Candover sells Stork