Mid-market buyout firm Inflexion Private Equity has sold Aberdeen-based Viking Moorings to HSBC Private Equity for £170m.
The exit represents a 12x return for Inflexion and together with the proceeds from additional holdings through Inflexion managed funds, the sale will yield a net profit of £12.2m. Over the past three years, Inflexion has invested £50m in Viking.
Provider of oil rig mooring systems in the North Sea, Viking Moorings was initially acquired by Inflexion Private Equity in 2005 for £22m. At the same time, F&C Private Equity invested £1.06m, giving the company 9.2% share of Viking.
As part of the transaction, Inflexion will invest £25m in Viking in order to benefit from potential future growth. Tim Smallbone will also remain on the board.
This is Inflexion’s second exit this month. The firm also sold Healthcare Knowledge International, achieving a multiple of 2.7x at the beginning of the month.