Investcorp has completed the partial sale of its investment in Neptune Technology Group through a re-capitalization. The re-capitalization has enabled Investcorp to return approximately 75 percent of its clients’ original investment while retaining an approximate 77.7 percent interest in Neptune post the re-capitalization.
The move has generated an appealing rate of return on the portion of the investment realized through this transaction. The transaction attracted new investment from a number of US and Canadian financial institutions including DLJ Investment Partners, York Street Capital Partners, Teachers’ Merchant Bank and Metropolitan Life Insurance Company.
Investcorp and its investors acquired Neptune from global technology services company Schlumberger in November 2001. This partial sale, after just less than seventeen months ownership, has provided an excellent return, in a short period of time for Investcorp and its investors. This is a substantial step towards full realization of this investment in due course and is clear evidence of Investcorp’s continuing ability to deliver returns to its clients in a variety of economic environments.
Neptune Technology Group provides water utilities with a comprehensive product offering of water meters and advanced meter reading systems. Neptune has its headquarters in the United Stated, where it also operates its principal manufacturing facility.
Investcorp is a global investment group with offices in Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20 billion.
In Europe, Investcorp and its clients currently own corporate investments that include Avecia, Gerresheimer Glas and Welcome Break. In the United States, Investcorp and its clients currently own corporate investments that include Neptune, Jostens and Synthetic Industries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
