PRINT THIS PAGE Candover, Goldman Sachs, AlpInvest to acquire Expro for £1bn17/04/2008. Source: AltAssets. 
Candover Partners, Goldman Sachs Capital Partners and AlpInvest Partners have teamed up to acquire well flow management business Expro. The three firms have set up a new acquisition vehicle, Umbrellastream, through which they have agreed the £1.605bn deal. Umbrellastream would acquire the entire issued and to be issued Expro shares for £14.35 per share. The price represents a premium of 54.9 per cent over the closing price on 28 February 2008, the last business day before Expro announced it had received a proposal which may lead to an offer for the company, according to a statement.
The independent directors of Expro will recommend the deal to shareholders.
John Arney, a director of Umbrellastream, said, 'Candover, Goldman Sachs Capital Partners and Alplnvest are delighted that the independent directors of Expro have unanimously agreed to recommend our offer. We have significant experience in the oilfield services sector and look forward to working with Expro's employees, customers and other stakeholders to strengthen Expro's already impressive market position through continued investment in people and leading technologies.'
Expro provides well flow management services and products that measure, improve, control and process flow from oil and gas wells. The company employs more than 4,000 staff and operates in about 50 countries. The company recorded revenue of £518.8m in the financial year ending 31 March 2007, according to a statement.
Recent investments from Candover in the oilfield services sector include Vetco International, Aibel, Wellstream, Pipeline Integrity International and Wood Mackenzie.
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