Energy Ventures exits Direct Drive Systems
Energy Ventures III has announced that FMC Technologies, Inc., a global provider of technology solutions for the energy industry, has signed a definitive agreement to purchase California-based Direct Drive Systems, Inc. (DDS) in a transaction valued at USD 120 million.
DDS, established in 2004, produces high-speed, high-power permanent magnet motors and generators, as well as magnetic bearings, for the oil and gas industry.
Energy Ventures invested in the company in January 2008, and the exit marks the seventh successful exit for the fund manager.
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| Fund | Energy Ventures III Argentum share 6% |
| Portfolio Company | Direct Drive Systems |
| Date of Transaction | 2009-09-17 |
| Transaction | Trade-sale |
| Seller | |
| Buyer | FMC Technologies |
| Size of Transaction | USD 120.0m |
| Ind. Focus | Industrial |
| Geography | USA |
| Stage | Venture |