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UK
Deal Maker of the Year Awards 2013
WINNER - SIMON COWIE DEAL: Foster Wheeler acquires Ingen Ideas
NAME: Simon Cowie COMPANY: Infinity Partnership Limited POSITION: Director TEL: +44 1224 618460 EMAIL: simon.cowie@infinity-partnership.com WEBSITE: www.infinity-partnership.com
BIO
Simon Cowie qualified as a Chartered Accountant with RMD/Deloitte in 1997, latterly focussed on Corporate Finance activity.
Assisted in the formation of a Corporate Finance function at Anderson Anderson & Brown (Chartered Accountants). Formed Infinity Partnership in 2004 with a focus on transaction initiation and support services. Headed up the Corporate Finance function at a small accountancy practice following a merger in 2007. Reformed Infinity Partnership in
Ingen-Ideas Limited was a privately held upstream consultancy company located in Aberdeen, UK. Ingen Ideas LLC was a privately held upstream consultancy company located in Dubai, UAE. Both service the upstream Oil & Gas market. Ingen became part of the Foster Wheeler EMEA (Europe, Middle East, Africa) Upstream operations
2011 with an increased focus on transactional work.
Infinity Partnership were engaged by the shareholders of both companies as lead advisor in the negotiations with Foster Wheeler, providing a range of support services from deal management to accountancy and taxation support to arrive at the correct structure and value.
DEAL OVERVIEW
Foster Wheeler AG (through a UK subsidiary) acquired 100% of Ingen-Ideas Limited and (through an UAE branch) acquired the trade and assets of Ingen Ideas LLC.
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As with any cross border transaction, there were several issues implementing the transaction, particularly with the uncertain legal framework in the UAE. Infinity Partnership devised a suitable structure which addressed all the concerns from both the Purchasers and the Vendors perspective which ultimately facilitated the transaction closing.
Infinity Partnership are a leading firm of Chartered Accountants located in the North East of Scotland and have been instrumental in a number of transactions since formation. The focus of Infinity Partnership is on deal initiation and the transactions are predominately focussed on the Oil & Gas market.
During
2013, these have included the acquisition of a controlling stake and further investment in Xodus Group by Chiyoda Corporation; the acquisition of Prime Energy by Xodus Group and the acquisition of GeoKey by Paradigm Group. There is a solid pipeline of further transactions which Infinity Partnership are actively involved with.
The Infinity Partnership team is led by Simon Cowie who believes that the Oil & Gas sector will continue to be buoyant as a result of the Oil Price and deal activity will continue as new technologies come to the fore. Larger service companies will continue to seek additional service lines through acquisition and the level of new entrants will increase.
As with any cross border transaction, there were several issues implementing the transaction, particularly with the uncertain legal framework in the UAE.
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