The sale, which is retroactive from January 1, 2003 and includes liabilities of approximately $92 million, is subject to approval by the Supervisory Boards and the Federal Cartel Office. According to a Viterra Energy Services spokesperson, the transaction is expected to close within one to two months.
Viterra Energy Services, which has its US headquarters based in San Diego, provides one-stop integrated services for the metering and billing of water and energy. The company, which employs approximately 3,700 people, is represented in 28 countries. It increased its sales by 10.6% in 2002 to nearly $500 million and posted an operating profit of $113 million.
"The sale of Viterra (Energy Services) to CVC Capital Partners will enable us to move into new markets in the US and abroad as well as strengthen and expand our position as global market leader," says Mike Clements, president of Viterra Energy Services.
Buyer CVC Capital Partners is an independent multinational equity firm with 11 European offices, as well as one branch located in Asia Pacific. It currently manages more than $9.5 billion in equity capital and has completed more than 225 investments valued in excess of $35 billion since its inception in 1981.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
