APR Energy Shareholders Approve Consortium Acquisition, Privatization
JACKSONVILLE, Florida, Jan. 7, 2016 /PRNewswire/ -- APR Energy plc (the "Company") (LSE: APR), a global leader in fast-track power solutions, announces today that an offer by a consortium of investors (the "Consortium") to acquire the Company was declared unconditionally successful on 5 January. The Consortium comprises Fairfax Financial Holdings Limited, ACON Equity Management and Albright Capital Management, and brings substantial financial backing to support the Company's business initiatives, including committing more than $200 million in fresh equity capital to reduce debt and increase working capital.
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"This is a significant milestone in the evolution of APR Energy," said Executive Chairman John Campion. "We are pleased to be working alongside a group that truly understands our business and our market – and that shares our longer-term vision. Our new investors bring significant strategic value to our business, including global relationships, a sophisticated understanding of international finance and extensive experience investing in global power markets. Their significant investment reflects a strong belief in our business, our market and our management team, and we expect them to be great partners as we grow the Company and continue to serve our expanding base of global customers.
"This transaction clearly makes us stronger, and will pay down debt, increase working capital and enable us to approach the longer term with renewed confidence."
Chief Executive Officer Laurence Anderson said, "With these new partners, we will have greater flexibility to manage through the short-term variations in our business cycle while staying focused on our longer-term growth objectives. We also will have access to additional capital to fund growth initiatives."
Anderson said that during the transition process, and afterward, "Our customers, partners and suppliers can expect us to continue to build upon our already high level of customer service, driving operational excellence and delivering reliable, essential electricity around the world."
About APR Energy
APR Energy is the world's leading provider of fast-track mobile turbine power. Our fast, flexible and full-service power solutions provide customers with rapid access to reliable electricity when and where they need it, for as long as they need it. Combining state-of-the-art, fuel-efficient technology with industry-leading expertise, our scalable turnkey plants help run cities, countries and industries around the world, in both developed and developing markets. For more information, visit the Company's website at www.aprenergy.com.
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