Expro Now Under Private Equity Consortium's Umbrella
Expro International Group
Thursday, July 03, 2008
Expro has announced that its acquisition by the private equity consortium Umbrellastream was completed.
Expro Chief Executive Graeme Coutts said the takeover paved the way for Expro to further progress its successful strategy for growth, and to continue in the delivery of operational excellence to it customers worldwide.
“I am delighted that, after several months of takeover discussions, Expro is now owned by an investment consortium made up of Candover, Goldman Sachs and Alpinvest. This consortium, which has acquired Expro through a wholly owned company Umbrellastream Ltd, has an outstanding track record of creating value in the services industry and remains fully supportive of current Expro strategies and its management," said Coutts.
“Expro today gives the clear message that we will continue with our established strategy to provide our customers with world-class products and service. The innovation and quality associated with Expro's people and the Expro brand will continue to assist our customers in their current and future business challenges, and we remain committed to delivering world-class solutions to their well flow management needs,” added Coutts.
Expro has invested in a highly focused strategy to position the business as a major provider of key technologies to oil and gas markets worldwide. It has recorded the most successful year in the company's history, achieving significant growth, delivering world-first operational achievements for customers, and gaining industry recognition for its innovative technology and excellent safety performance.