French buyout group 21 Centrale Partners has backed the leveraged buyout of Sud Robinetterie, a European oil and gas company, for an undisclosed sum.
Sud Robinetterie specialises in the design, manufacture and distribution of valves for the oil, gas, petrochemical and chemical industries. The valves are used in oil rigs, refineries, tankers, and pipelines.
The group had a turnover of approximately €50 million (€68 million) last year.
Under the terms of the deal, Jean-François Deprat has become chairman of the board of directors, and the founder Charles Deprat has been appointed chairman of the supervisory board.
The deal is the latest example of the industry’s burgeoning interest in the oil and gas sector, which has traditionally been a private equity backwater. Last year deals in the sector topped $50 billion for the first time, according to data provider Dealogic – more than the previous three years combined. This included the biggest deal ever agreed in the sector – the $22 billion sale of pipeline operator Kinder Morgan to a Carlyle Group-led consortium.
21 Centrale Partners specialises in growing and developing mid-market companies valued between €75 and €200 million. The firm is part of Alessandro Benetton and Gérard Pluvinet’s 21 Group, which manages and advises around €1 billion.