Baring Vostok Capital Partners (BVCP) is celebrating the successful IPO of its portfolio company Burren Energy, a UK-based independent oil company. BVCP, part of Baring Private Equity Partners Group owns 33% of the company and has not sold any of its shares following the placing. BVCP’s first fund, the NIS Regional Fund was one of the first investors in the company in 1995.
Burren completed the placing with UK institutions of 30.8 million shares (£40m) representing around 23% of the company’s shares outstanding after the placing. Of this amount around half represented new capital for the company and the remainder represented sales by exiting shareholders.
Michael Calvey, co-managing partner of Baring Vostok, said: “Burren’s management team has demonstrated its ability to operate successfully in two of the world’s most highly prospective oil regions – the Caspian Sea and West Africa. By continuing to execute on their proven strategy, Burren has the potential over the next few years to become one of the UK’s leading independent oil companies.”