Stanford Marine postpones planned London IPO – Bloomberg


(Reuters) – Stanford Marine Group has postponed a planned London listing as its majority owner Abraaj Group searches for potential buyers for the Dubai-based business, Bloomberg reported citing two people with knowledge of the matter.

Abraaj Group, which is the largest buyout firm in the Middle East, declined to comment on the report.

The people said Stanford Marine may now sell shares in the first half of 2015 instead of this year and will not proceed with the IPO if it finds a buyer earlier.

Abraaj may seek a market value of about $300 million for the company, and a valuation of about five times EBITDA, the report said.
Stanford Marine Group is an operator of offshore supply vessels for oil and gas firms in the Middle East and Gulf of Mexico.

Abraaj owns a 51 percent stake in the company and the rest is held by Al Waha Capital PJSC, an Abu Dhabi-based investment firm.

Take your pick!

  • Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
  • VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.