Eyrir Invest contributes up to €23 million in new equity to support further growth of Stork Technical Services and Fokker Technologies
Stork B.V. announces the refinancing of its two businesses Fokker Technologies (FT) and Stork Technical Services (STS). The refinancing of Stork B.V. into two separate capital structures is the logical next step to establish and grow its two distinct, international businesses. The refinancing also includes the full integration of the RBG Group in STS.
The refinancing includes a significant equity contribution from current investors; funds managed by Arle Capital Partners, Eyrir Invest and other prominent international investors. Eyrir Invests equity contribution can be up to €23 million.
The financing package for STS consists of €272.5 million senior secured notes due 2017 a working capital facility of €100 million. STS’ new capital structure will facilitate the full integration of the RBG Group into STS, which was separately financed at the time of acquisition in May 2011 and positions STS firmly in the oil & gas sector as a services and technology provider.
The financing package for Fokker Technologies consists of a senior term loan of €150 million and a working capital facility of €50 million. For Fokker Technologies, the new capital structure will allow the company to consolidate its position as a leading provider of technologies, systems and services for the aerospace and defense industries.
The refinancing is expected to close on or about August 16, 2012 and remains subject to customary closing conditions.
About Eyrir Invest
Eyrir Invest is an international investment company that focuses on investments in industrial companies that have the potential to become true global leaders. Eyrir places great emphasis on aligning execution with good long-term strategic planning. Eyrir´s core assets are a 33% holding in Marel and 17% holding in Stork BV which owns and operates Stork Technical Services and Fokker Technologies. In recent years Eyrir has placed increased emphasis on venture capital investments. Eyrir´s „Buy and Build“ strategy has a proven track record as shareholder value has increased well above market returns since foundation.
About Fokker Technologies
With a workforce of 4,800 employees, Fokker Technologies, a wholly owned subsidiary of Stork B.V., develops and produces over 7,000 advanced components and systems for the global aerospace industry and has R&D and production facilities in the Netherlands, Turkey, the Americas and Asia. The company also supplies integrated maintenance services and products to aircraft owners and operators worldwide.
About Stork Technical Services
Stork Technical Services, a wholly owned subsidiary of Stork B.V., is a global provider of knowledge-based Asset Integrity Management services for the Oil & Gas, Power and Chemical sectors. From concept through to execution – Stork Technical Services aims to help reduce risk, assure safety and improve environmental performance for our customers. With around 14,300 employees across the UK & Africa, Continental Europe, the Middle East, Asia Pacific and the Americas, Stork Technical Services provides innovative solutions and integrate thinking and doing in the areas of asset integrity, consultancy, maintenance concepts, repair, renovation, new construction, relocations, subsea services and other related complex projects.