PRINT THIS PAGE CBPE backs £142m MBO of Energy Cranes31/03/2008. Source: AltAssets. 
UK mid-market private equity firm Close Brothers Private Equity has backed the £142m MBO of Aberdeen-based Energy Cranes International from its parent, London-based investment firm LMS Capital. CBPE has invested £60m alongside the company's management team led by Energy Cranes CEO John Jordan. Aberdeen, Scotland-based Energy Crane supplies crane and lifting equipment maintenance to the offshore oil and gas sector. The company, with a presence in the North Sea, Gulf of Mexico, South America, Caspian Sea, West Africa and Asia/Pacific regions, recorded annual revenues of £114m in 2007.
Simon Wildig, partner, CBPE, said 'We have been following the fortunes of Energy Cranes for the past 12 months, so it is very pleasing to be able to conclude this transaction working closely with the management team.'
This transaction represents CBPE's 11th investment from Fund VII. CBPE has funds under management of £400m.
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