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JUNE 2012
Legal Transactions
85 MaVEn caPItaL PaRtnERS
BacKS ManaGEMEnt BUYoUt oF cat tEcH IntERnatIonaL
Maven has provided a £3m funding package in support of the MBo of cat tech International from US environmental services business clean Harbors Inc. operating from offices in UK, Bulgaria, Sweden, china, Singapore and thailand, cat tech is a leading provider of industrial services to oil refineries and petrochemical plants across several major international markets.
The company specialises in servicing equipment containing chemical reaction catalysts and introducing processes to improve catalyst handling operations where the ability to maintain operational efficiency is critical and there is an increasing focus on health and safety issues.
Operating in a sector with significant barriers to entry due to the limited number of specialist operators world-wide that have the skilled personnel and equipment to undertake catalyst handling projects, Cat Tech is well positioned for future growth as the demand for oil and petroleum based products continues to increase.
The Maven investment was led by Andrew Ferguson who will join the board of Cat Tech.
Karl Thew, Managing Director of Cat Tech International, said: “We are delighted to have completed the MBO of Cat Tech, and are confident that Maven’s investment will help us achieve our growth plans. We have successfully expanded the business to become established as one of the leading global providers of Catalyst handling services and are targeting continued growth in earnings and expansion into additional overseas markets. We look forward to working with Maven, which shares our ambitions and offers valuable experience of investment in high growth businesses and the oil refining and petrochemical sector.” LM
HYPERIon aGREES to SELL MaJoRItY StaKE In cFc to PRIVatE InVEStoRS and ManaGEMEnt
Hyperion Insurance Group Limited, the international insurance intermediary group, and cFc Underwriting Limited, recently announced that they have reached an agreement for Hyperion to sell its majority stake in cFc Underwriting Ltd. to a consortium of private investors and the management team.
David Howden, CEO of Hyperion commented on the deal: “In 2000, David Walsh, at the time working for the group, saw a gap in the market to start a specialist underwriting business focusing on insurance for technology companies and e-risk. He approached the Group to back him by investing in this exciting proposition, and Hyperion took a significant stake in the business. Over the last twelve years CFC has grown and diversified and is now one of the pre-eminent MGAs in London with clients in over 50 countries around the world.”
David Walsh, Managing Director of CFC Underwriting said, “Since our incorporation, CFC has changed dramatically to cater for the needs of our clients and brokers. The time is now right for CFC to step out on our own and pursue our growth plans. We have an exciting future ahead of us, and I would like to thank Hyperion for the support they have given from the very beginning to allow us to build this great business.” LM
Cat Tech International
CFC Underwriting