Private equity discussions for APR Energy
By Helen Wright20 October 2015
Temporary power rental specialist APR Energy has confirmed that it is in discussions with a possible consortium of investors over a bid to buy the company.
The investors are Fairfax Financial Holdings, ACON Investments, and Albright Capital Management. APR Energy said, “At this stage, there can be no certainty that any offer will be made nor as to the terms on which any such offer might be made.”
The consortium has until 2 November to either announce a firm intention to make an offer, or rule itself out.
The announcement of possible interest in acquiring the company came after APR Energy brokered a deal with its banking lenders over its future capital structure.
APR Energy reported a half-year loss after tax of US$64.5 million (€56.5 million) after year-on-year revenues fell by more than 50% in the six months to 30 June.
The company said the results were largely due to the early termination of its contract in Libya, though the controlled shutdown in Yemen and the roll-off of contracts in Bangladesh, Canada and Martinique also contributed.