A$47m Management Buyout of TSMarine APAC with Champ Ventures

November 2009

On 16 November 2009, CHAMP Ventures Pty Ltd announced the acquisition of TSMarine Pty Ltd, the Asia-Pacific (APAC) businesses of Aberdeen-based TSMarine (Contracting) Ltd. TSMarine APAC provided a range of specialised services to the offshore oil and gas industry from its two modern, high specification vessels, with services spanning the lifecycle needs for offshore developments.

Azure was engaged by TSMarine Pty Ltd to explore alternatives to an offer from NYSE-listed Superior Energy for their UK parent. Azure considered trade sale, IPO and private equity alternatives for TSMarine APAC, and following a road show to potential equity investors in April 2009, Azure was appointed financial adviser to TSMarine and CHAMP Ventures for the MBO of TSMarine’s Australian and Singaporean subsidiaries.

The highly complex MBO involved coordinating a large number of stakeholders in addition to the client, including the UK parent’s shareholders, its senior and junior debt holders, Norwegian vessel owners, owners of the underwater ROVs, and Spanish shipyards, together with their professional advisers. Azure also advised on securing US$25 million in acquisition debt facilities to finance the acquisition.

The transaction was awarded AVCAL Best Management Buyout <$100 million in 2011.