OMERS Private Equity acquires V.Group Ltd

LONDON, 28th July 2011: V.Group’s senior management has teamed up with OMERS Private Equity in the buy-out of V.Group, parent company of V.Ships. OMERS will support the further growth of the global supplier of ship management and related marine including offshoreservices replacing Exponent Private Equity as V.Group’s financial partner.

Commenting on the transaction, Clive Richardson, CEO V.Group who will continue to lead the management team stated: “I look forward to partnering with OMERS Private Equity in continuing to build a market-leading company delivering outstanding service and value to our customers.” He added: “V.Group has a tremendous future and the management team is excited in working with our new partners in the next chapter of growth in our business.”

Mark Redman, Senior Managing Director of OMERS Private Equity in Europe commented: “V.Group has an attractive and differentiated outsourcing-based business model and is led by an exceptional management team. We believe that V.Group’s extensive global network, track record of profitable growth, compelling customer value proposition and breadth of services provides significant long-term potential. As a global leader operating in robust and growing segments of the market, we believe the future opportunities for V.Group are extremely attractive.”

Financing for the transaction with an enterprise value of US$520m was provided by RBC Capital Markets. V.Group was advised by Lazard, with further transaction support provided by Allen &Overy, PricewaterhouseCoopers, Deloitte and BCG. Kinmont and Travers Smith advised V.Group’s management.

V.Group is the parent company of V.Ships, the world’s largest supplier of independent ship management and other marine services to a fleet of over 1000 vessels via an extensive network of offices. V.Ships manages various vessel types including tankers, dry bulk carriers, gas and chemical carriers, containerships, cruise ships and offshore vessels. V.Group provides a broad portfolio of technical, crewing, commercial and other services to ship owners and other companies. The group was founded in 1984 as V.Ships. Further information is available via www.vgrouplimited.com and www.vships.com.

V.Ships press release