Press release
0700 Monday 7 December 2015
th
Arle Capital Partners completes the
exit of Stork with €695m sale to Fluor
Corporation
Private equity firm Arle Capital Partners (“Arle”) today announces that it has
agreed to sell Stork (“Stork”), the provider of knowledge-based asset integrity
services focusing on the Oil & Gas, Chemical and Power sectors, to Fluor
Corporation (“Fluor”), the US listed global engineering and construction firm. The
enterprise value of the transaction is €695 million.
The sale of the business, formerly Stork Technical Services, represents a full exit
from Stork Holdings B.V. following the sale of Fokker Technologies to GKN for €706
million which was closed in October this year.
John Arney, Managing Partner of Arle, commented: “We are delighted with the
agreed sale of Stork to Fluor which delivers a full exit at an attractive valuation,
fairly reflecting the high quality of this business.
“The Arle team assumed management of the Stork investment in 2010 and
subsequently recruited a new management team. We have worked closely with
this team to re-focus the business on sectors and geographies with strong longterm growth characteristics, enhanced by accretive acquisitions.
“We are confident that Fluor is an excellent new parent for Stork providing, as it
does, a stable new platform for Stork to execute its growth plans and augment
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these with new avenues for expansion within the Fluor group. On behalf of the Arle
team, I wish the management and staff of Stork well for the future.”
Upon closing of the acquisition, Fluor will begin combining Fluor’s Operations &
Maintenance organization with Stork. Current Stork CEO, Arnold Steenbakker, will
lead the combined business and report directly to Fluor’s CEO, David Seaton. The
management team will be formed by Stork’s existing management combined with
the managers of Fluor’s Operations & Maintenance business. The combined group,
branded Stork and headquartered in the Netherlands, will have an annual turnover
of approximately €2.1 billion ($2.3 billion) and a total of approximately 19,000
employees.
Completion of the acquisition is expected to take place in the first half of 2016
after completion of the necessary employee consultation processes and requisite
regulatory clearances.
Advisers on the transaction include Greenhill, Rabobank, Clifford Chance
Amsterdam, KPMG and Deloitte.
– ends –
For further information please contact:
Arle Capital Partners
Julie Foster: +44 (0) 207 979 0000
Julie.foster@arle.com
Pendomer Communications
Ben Foster: +44 (0) 20 3603 5220
ben.foster@pendomer.com
Notes to editors:
Arle Capital Partners
Arle is an international private equity investor and asset manager. Arle brings together an accomplished team
of investment professionals and proven international business leaders, managing a diverse portfolio of around
€2 billion for a global investor base.
Since taking on the portfolio in 2009, Arle has returned more than €1 billion to investors, realising nine
investments: Ontex, Equity Trust, Capital Safety Group, Qioptiq, DX Group, GET, Innovia, ONO and Fokker
Technologies.
Arle’s approach is based on active ownership in close partnership with management to drive long term uplifts
in growth and value which will generate strong returns for Arle’s investors.
For more information, please visit www.arle.com.
About Stork:
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Stork offers services and products associated with maintenance, modifications and assurance of asset integrity
of production facilities. The company delivers technical support that spans the asset lifecycles of its customers’
operations. From concept through to execution, Stork aims to reduce risk, assure safety and improve asset
performance for its customers to enhance their profits. With more than 15,000 employees worldwide (Middle
East, Asia, Europe, Africa and the Americas), Stork provides innovative solutions in the areas of asset integrity,
maintenance, modifications, consultancy, inspections, repair, renovations, relocations and other related
complex projects in the oil and gas, chemicals, petrochemicals, industrial and power markets. For more
information, visit www.stork.com.
About Fluor Corporation:
Fluor Corporation is a global engineering and construction firm that designs and builds some of the world's
most complex projects. The company creates and delivers innovative and integrated solutions for its clients in
engineering, procurement, fabrication, construction, maintenance and project management on a global basis.
For more than a century, Fluor has served clients in the energy, chemicals, government, industrial,
infrastructure, mining and power market sectors. Headquartered in Irving, Texas, Fluor ranks 136 on the
FORTUNE 500 list. With 40,000 employees worldwide, the company's revenue for 2014 was $21.5 billion. For
more information, visit www.fluor.com or follow us on Twitter @FluorCorp.
ARLE CAPITAL PARTNERS LIMITED
12 Charles II Street
London SW1Y 4QU
www.arle.com
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T +44 (0) 20 7979 0000
E info@arle.com
Registered in England No. 1517104 at the address shown
VAT No. 108 2447 31
Authorised and regulated by the Financial
Conduct Authority in the UK