Nordic Capital acquires Master Marine
Nordic Capital Fund VII's subsidiary, Nordic Ocean Limited, has committed to provide a total financing package of EUR 270 million of capital to Master Marine ASA and will become the company's new majority owner.
Master Marine is an offshore energy service company, specializing in accommodation, transportation and installation of heavy structures for the oil, gas and offshore wind power industries. The company has two Service Jack vessels under construction at the Drydocks World yard in Indonesia.
The recapitalization consists of EUR 130 million of new equity and EUR 140 million of senior secured loans. Nordic Ocean Limited will also acquire the outstanding High Yield Bond at an aggregate price of EUR 30 million that can be converted into equity later on. The outstanding Convertible Bond will also be converted into new shares.
After completion of the transactions and full conversion of the High Yield Bond, Nordic Capital Fund VII will have an 89% ownership of Master Marine through Nordic Ocean Limited.
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| Fund | Nordic Capital VII LP Argentum share 0.81% |
| Portfolio Company | Master Marine |
| Date of Transaction | 2009-10-06 |
| Transaction | Acquisition |
| Seller | |
| Buyer | |
| Size of Transaction | EUR 270.0m |
| Ind. Focus | Other |
| Geography | Norway |
| Stage | Small/mid-cap buyout |