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First Reserve to acquire Abbot Group in £906m take-private transaction20/12/2007. Source: AltAssets. 
 Energy-focused private equity firm First Reserve Corporation has agreed to acquire oil and gas services business Abbot Group. If completed, the £906m buy-out will be the largest private equity buy-out in the drilling services industry and the first European oil field services take-private to date, First Reserve said.
As part of the deal, the Abbot Group management will be providing £25m of equity.
The Abbot Group's predominant focus is on providing drilling services and rig operations to major oil companies in its key strategic areas of Europe, North and West Africa, the Middle East, the Caspian area and Russia.
Will Honeybourne, managing director of First Reserve, said, 'We are very impressed with the growth achieved by Abbot Group under Alasdair Locke's leadership. The deal brings two premier organisations together and provides attractive opportunities for growth. First Reserve has a long history of assisting oilfield service companies achieve their international growth plans, and Abbot's platform for growth is second to none.
'We look forward to working with the company's management and employees in continuing to invest the necessary time and cash resources to its business and facilities to support a focused expansion programme both in the UK and internationally. We are delighted that the independent directors of Abbot have unanimously decided to recommend Turbo Alpha's proposed acquisition,' Honeybourne continued.
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