Arcapita Bank, a leading international investment firm headquartered in Bahrain, announced the signing of a definitive agreement to sell Roxar for approximately $370 million to CorrOcean, a publicly traded company based in Norway.
The transaction is expected to close sometime this month. Arcapita and its co-investors acquired Roxar in February 2006 for a transaction value of approximately $216 million.
Roxar provides innovative technology solutions which allow energy companies worldwide to optimise production from oil and gas reservoirs.
Roxar was Arcapita’s first corporate acquisition in the Nordic region and the divestment is Arcapita’s third liquidity event for investors in its European private equity portfolio since the start of 2007, following the recapitalisation of Vogica, the French manufacturer and retailer of kitchens and bathrooms, completed in April 2007, and the recapitalisation of Paroc, the Finland-based manufacturer of stone wool insulation products, which was completed in June 2007.
Arcapita CEO Atif A Abdulmalik said: “The divestment from Roxar after a 15 month investment holding period represents an excellent outcome for our investors.
“Roxar is the first exit from our European investment portfolio, and demonstrates our ability to source and manage high quality investment opportunities from Europe for the benefit of our investors.
“To date, Arcapita has exited from 13 portfolio investments for a total transaction value in excess of $3 billion, generating attractive returns for our investors,” he added.