<a href=Acteon Group” height=”125″ src=”https://www.offshore-technology.com/wp-content/uploads/static-progressive/acteon%20group.jpg” style=”padding:10px” title=”Acteon Group provides specialist subsea services” width=”299″ />

An affiliate of Kohlberg Kravis Roberts (KKR) has announced the acquisition of a majority interest in the Acteon Group from First Reserve.

The value of the transaction has not been disclosed, but Acteon Group said the management board still retains a significant holding in the company.

US-based equity firm White Deer Energy, alongside KKR and management, will be investing in the Acteon Group, which will help it improve its subsea services business in the oil and gas sector.

The sale is expected to boost Acteon’s plan to improve delivery of its services and to aid in defining the market in expanding part of the upstream industry.

Will Honeybourne and Jeff Quake, First Reserve managing directors, said in a joint statement that the company has worked with Acteon, which is striving to become an industry leader.

"Since our initial investment in 2006, Acteon has completed eight acquisitions, quadrupled its operating profits and significantly expanded its geographic footprint. We thank the entire Acteon team and wish them every success for continued growth in the future," said Honeybourne and Quake.

Dominic Murphy, KKR member, and Josselin de Roquemaurel, KKR director, said: "This is a growth investment, in partnership with a highly entrepreneurial management team. We are excited to support Acteon and work with the team to develop it as a leading global franchise for offshore and subsea energy services."

Subject to customary approvals, the transaction will close by 2012.

HSBC advised KKR on the transaction, while First Reserve Corporation and Acteon Group received advice from J.P. Morgan Cazenove and Simmons & Company International. Post sale, the executive management team will remain in place.

Image: Acteon Group provides specialist subsea services for life-of-field operations. Photo courtesy of Acteon Group.