Arle announces Expro’s sale of Connectors & Measurements

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Arle Capital Partners today announces that portfolio company Expro International “Expro”, the international oilfield service company, has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens AG at a valuation of US$630 million.

We will look to use the net proceeds from the sale of the C&M business to repay existing borrowings and support our strong position within the industry by further investing in the growth strategy of our core business.

Arle Capital Partners today announces that portfolio company Expro International “Expro”, the international oilfield service company, has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens AG at a valuation of US$630 million.

Expro’s C&M business is a market leader in the design, manufacture, assembly and installation of subsea electrical power and data connectors and temperature and pressure sensors.

The C&M business had revenues of approximately US$119 million in the calendar year 2011. The C&M business employs approximately 450 people in Ulverston in the UK, Bømlo in Norway, Houston in the US, Niterói in Brazil and Johor in Malaysia.

Expro Chief Executive Officer, Charles Woodburn, said:

“We received several unsolicited indications of interest for our C&M business last year, allowing us to explore strategic alternatives that led to the optimal outcome for our shareholders, customers and employees. We are very pleased with the result of the sale process. We will look to use the net proceeds from the sale of the C&M business to repay existing borrowings and support our strong position within the industry by further investing in the growth strategy of our core business. We wish Siemens and everyone at C&M every success in the future.”

Mark Dickinson, Partner at Arle Capital Partners added:

"C&M has grown strongly under our ownership and we are delighted with the outcome of the resulting strategic review. Arle will now concentrate on working actively with Expro to ensure it capitalises upon the tremendous growth the group is enjoying in its principle well flow management operations. Expro has had a winning start to 2012 having recently added several significant order wins and enjoying an order pipeline of well over $1 billion."

The sale is conditional upon receipt of approval from competition authorities in Norway. Completion of the sale is expected to take place in May 2012.

For further information please contact:

Arle Capital Partners
Mark Dickinson/Richard Booth/Julie Foster: +44 (0) 20 7895 2754
Julie(dot)foster(at)arle(dot)com

Vetch Mahne
Lindsay Vetch / Christian Mahne: +44 (0) 20 3488 3100 / +44 (0) 77 7594 5369
arle(at)vetchmahne(dot)com

Notes to editors:

Arle Capital Partners Limited
Arle is a private equity partnership formed in April 2011 following the buyout of Candover Partners. Arle focuses on businesses in the energy, industrial and services sectors typically based within the North Sea Rim but with operations that extend beyond these markets. North Sea Rim comprises the UK, The Nordics, Benelux and German-speaking Europe.

Arle’s portfolio comprises 12 European-headquartered businesses with an aggregate value of over €2.3 billion. Arle’s approach to managing the portfolio is based on active ownership, working in close partnership with management teams to drive long term uplifts in growth and value and in turn to generate strong returns for Arle’s investors. For more information, please see http://www.arle.com

Expro International
Expro’s business is well flow management. Expro is a market leader in providing services and products that measure, improve, control and process flow from high-value oil and gas wells, through the marketing segments of: Well Testing & Commissioning; Production Systems; Wireline Intervention; and Deepwater Intervention.
Expro’s industry experience and innovative technology empower the company to offer tailor-made solutions for its customers across the lifecycle of their wells. Based in the UK, Expro employs 5,000 people in 50 countries, committed to delivering operational excellence to its customers around the world.

ARLE CAPITAL PARTNERS LIMITED
12 Charles II Street
London SW1Y 4QU
http://www.arle.com    T +44 (0) 20 7979 0000
E info(at)arle(dot)com
Registered in England No. 1517104 at the address shown VAT No. 108 2447 31
Authorised and regulated by the Financial
Services Authority

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Lindsay Vetch / Christian Mahne
Vetch Mahne Ltd
+44 (0) 20 3488 3100
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