Candover 2008 Fund - Agreement to terminate the investment period concluded
Candover Investments plc announces that it has reached agreement with all
Limited Partners (LPs) and Candover Partners Limited, its wholly owned fund
manager, to terminate the investment period of the Candover 2008 Fund (the 2008
Fund). The 2008 Fund's sole investment will be Expro, the oil and gas services
group.
The consent of 100% of LPs was obtained for the termination, and the principal
terms of the agreement are as follows :
* The Fund's sole investment will remain Expro. Candover Partners Limited led
the €2.6bn buyout of Expro in July 2008, investing €195.3 million from the
Candover 2005 Fund and €305.7 million from the Candover 2008 Fund.
* Candover 2008 Fund investor commitments will be scaled back pro rata
subject to an appropriate follow on reserve of €100 million which, together
with follow-on financing from the Candover 2005 Fund, will allow Expro to
continue to take advantage of market opportunities. Candover Investments
plc will not contribute to this follow-on reserve.
* All LPs have waived any claims that they may have against Candover as a
result of its decision not to participate further in the 2008 Fund.
* PLC will surrender its 2008 Fund carry entitlement to the LPs.
Malcolm Fallen, Chief Executive of Candover Investments plc, said:
"This agreement draws to a close a period of uncertainty for everyone involved.
We can now move forward, with t he immediate priorities being the maximisation
of value from the existing portfolio and establishing how best to use the
private equity capabilities within Candover for the benefit of all our
stakeholders."
Ends.
*Candover means Candover Investments plc and / or one or more of its
subsidiaries, including Candover Partners Limited
as General Partner/Manager of the Candover 1997, 2001, 2005 and 2008 Funds.
For further information, please contact:
Candover +44 20 7489 9848
Tulchan Communications +44 20 7353 4200
Susanna Voyle
Peter Hewer