Eyrir Invest, Arle Capital Partners and co-investors have reached an agreement regarding the sale of Stork to the Fluor Corporation for €695 million.

Stork is a leading service provider in the oil & gas, chemical and energy industries. Stork is active in the North Sea, continental Europe, America, Africa, the middle-East and Australia. Stork employs over 15,000 people. Stork’s revenues in 2014 amounted to €1.5 billion with operational EBITDA of €81 million. Stork has shown excellent growth and improved operations under new management in the past few years in spite of difficult market conditions.

The sale is an important milestone for Eyrir Invest.” says Örn Valdimarsson, MD of Investments at Eyrir Invest.It concludes the large project which began in 2007 when Eyrir along with co-investors acquired the Stork BV conglomerate which included Fokker Technologies, Stork Technical Services and Stork Food Systems. Marel’s acquisition of Stork Food Systems was the main driver for Eyrir’s involvement in the project. It was the first large step towards growing Marel as a global leader in its industry and a key prerequisite in making Marel the leader it is today.

The sale of Stork represents a full exit from Stork Holdings B.V. following the sale of Fokker Technologies earlier this year. Stork’s transaction value reflects the conditions in the sector and the recent lowering of trade multiples of the company’s peers. The sale will improve Eyrir’s strategic and operational flexibility. The year 2015 will be a good year for Eyrir Invest following two successful exits and strong performance of Marel.

Fluor Corporation (NYSE: FLR) is a global engineering and construction firm that designs and builds some of the world’s most complex projects. The company’s revenues in 2014 amounted to over $21 billion. Stork’s operations are highly complementary to Fluor’s and good synergies are to be expected. It is Eyrir’s view that Fluor is an excellent buyer for the business. 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.

The sale is expected to close in the first half of 2016 following consultation procedures with Stork’s Works Council, trade unions and anti-trust clearances.

About Eyrir Invest:
Eyrir is an international investment company which emphasises active involvement in the operations and strategy of its investments. Eyrir’s core investments are a 29% holding in Marel and Eyrir Sprotar slhf. which invests in exciting growth businesses and supports them to further growth. Some of these venture and growth businesses are in a growth phase and have developed world-class technical solutions and increasing sales. The management teams are being strengthened which will increase the sale and marketing operations of these businesses considerably.

Further Information:
Örn Valdimarsson, MD of Investments of Eyrir Invest
Tel. +354 525 0200

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