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Private equity fund makes recommended offer for Hydro International
filtration
industryANALYST ISSN 1365-6937 June 2016
www.filtrationindustryanalyst.com
Private equity fund makes recommended offer for Hydro International
H
anover Bidco, a wholly owned indirect subsidiary of the Hanover Active Equity Fund LP, and Hydro International plc have reached agreement on the terms of a recommended acquisition of the stormwater and wastewater technology company. The acquisition values the entire issued share capital of AIM-listed Hydro International at approximately £28 million. Commenting on the acquisition, Ian Griffiths, chairman of Hydro International, said that whilst Hydro is well placed to continue to deliver on its stated strategy, the proposed acquisition by Hanover would “enable shareholders to crystallise an immediate and certain value in cash. It represents a significant premium to historic share price trading levels and the board of Hydro has unanimously recommended Hanover’s offer.” Matthew Peacock, founding partner
of Hanover Investors and a director of Hanover Bidco, said: “We are delighted to be announcing this recommended cash offer for Hydro. We believe that Hydro is a great company with significant potential, but that given its size it would fare better as a private company. Our proposal provides Hydro shareholders with an opportunity to realise a significant premium over the value of their shares prior to Hanover Investors acquiring a stake in the company.”
S
Company Profile Amiad SPX Flow
COMMENT In taking Hydro International private, Hanover can remove the costs and burdens of a public listing and focus instead on growing the business. Q
with academia. The new centre is expected to have 15–20 engineers with industry-relevant experience who will build water treatment systems, test them in real life scenarios, and prepare them for industry adoption. START is supported by Nanyang Technological University (NTU), Singapore Economic Development Board (EDB), Singapore’s national water agency PUB and National Research Foundation (NRF) Singapore. “START provides a much-needed platform to develop innovative technologies into actual products, given the increasing demands for clean water for both industrial and domestic use in urban cities worldwide,” said Dr Lim Jui, CEO of NTU Innovation ...Continued on page 2
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Company Watch Ahlstrom Alfa Laval Andritz Calgon Carbon Cummins H2O Innovation Schweitzer-Mauduit Xylem
8 8 9 9 10 10 11 11
Diary
15
Dividends For further information, visit www.hanoverinvestors.com and www.hydro-int.com
Singapore sets up centre to commercialise separation and filtration technologies ingapore has launched a S$30 million national centre to develop and commercialise separation and filtration technologies, including membranes, and connect research with industry. Based in Singapore’s CleanTech Park, the new Separation Technologies Applied Research and Translation (START) Centre will build and test advanced separation technologies and processes, together with industry. It will be able to fabricate largescale advanced membranes, assemble them into complete systems, and analyse their performance. START will be staffed by industry experts from companies such as GE and Hyflux, and will serve as a one-stop shop linking industry
Contents
5
Exchange Rates
16
Financial Calendar
14
In Brief New Product Developments
4 14
News Private equity fund makes recommended offer for Hydro International 1 Singapore sets up centre to commercialise separation and filtration technologies 1 Andritz Separation invests in new German service centre 2 DSS establishes water competence centre in Denmark 2 Mycelx and Schlumberger in upstream agreement 2 University of Washington spinoff secures US$1.25mn funding 3 Technip, FMC Technologies sign business combination agreement 3 Atlas Copco to acquire South Korean abatement company 3 Pentair and US water groups highlight sustainable water reuse in agriculture 4 Andritz and Ecophos enter strategic cooperation agreement 4 Kenyan pupils get clean water system thanks to Porvair 5 Evoqua purchases Magneto Special Anodes 5 Parkson buys FilterONE USA 5 Evonik starts up membrane coating facility in Germany 16 Wilo expands in sewage technology by acquiring GVA 16
Orders & Contracts
13
People & Appointments
12
Stock Watch
15
ISSN 1365-6937/16 © 2016 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.
industryANALYST ISSN 1365-6937 June 2016
www.filtrationindustryanalyst.com
Private equity fund makes recommended offer for Hydro International
H
anover Bidco, a wholly owned indirect subsidiary of the Hanover Active Equity Fund LP, and Hydro International plc have reached agreement on the terms of a recommended acquisition of the stormwater and wastewater technology company. The acquisition values the entire issued share capital of AIM-listed Hydro International at approximately £28 million. Commenting on the acquisition, Ian Griffiths, chairman of Hydro International, said that whilst Hydro is well placed to continue to deliver on its stated strategy, the proposed acquisition by Hanover would “enable shareholders to crystallise an immediate and certain value in cash. It represents a significant premium to historic share price trading levels and the board of Hydro has unanimously recommended Hanover’s offer.” Matthew Peacock, founding partner
of Hanover Investors and a director of Hanover Bidco, said: “We are delighted to be announcing this recommended cash offer for Hydro. We believe that Hydro is a great company with significant potential, but that given its size it would fare better as a private company. Our proposal provides Hydro shareholders with an opportunity to realise a significant premium over the value of their shares prior to Hanover Investors acquiring a stake in the company.”
S
Company Profile Amiad SPX Flow
COMMENT In taking Hydro International private, Hanover can remove the costs and burdens of a public listing and focus instead on growing the business. Q
with academia. The new centre is expected to have 15–20 engineers with industry-relevant experience who will build water treatment systems, test them in real life scenarios, and prepare them for industry adoption. START is supported by Nanyang Technological University (NTU), Singapore Economic Development Board (EDB), Singapore’s national water agency PUB and National Research Foundation (NRF) Singapore. “START provides a much-needed platform to develop innovative technologies into actual products, given the increasing demands for clean water for both industrial and domestic use in urban cities worldwide,” said Dr Lim Jui, CEO of NTU Innovation ...Continued on page 2
6 7
Company Watch Ahlstrom Alfa Laval Andritz Calgon Carbon Cummins H2O Innovation Schweitzer-Mauduit Xylem
8 8 9 9 10 10 11 11
Diary
15
Dividends For further information, visit www.hanoverinvestors.com and www.hydro-int.com
Singapore sets up centre to commercialise separation and filtration technologies ingapore has launched a S$30 million national centre to develop and commercialise separation and filtration technologies, including membranes, and connect research with industry. Based in Singapore’s CleanTech Park, the new Separation Technologies Applied Research and Translation (START) Centre will build and test advanced separation technologies and processes, together with industry. It will be able to fabricate largescale advanced membranes, assemble them into complete systems, and analyse their performance. START will be staffed by industry experts from companies such as GE and Hyflux, and will serve as a one-stop shop linking industry
Contents
5
Exchange Rates
16
Financial Calendar
14
In Brief New Product Developments
4 14
News Private equity fund makes recommended offer for Hydro International 1 Singapore sets up centre to commercialise separation and filtration technologies 1 Andritz Separation invests in new German service centre 2 DSS establishes water competence centre in Denmark 2 Mycelx and Schlumberger in upstream agreement 2 University of Washington spinoff secures US$1.25mn funding 3 Technip, FMC Technologies sign business combination agreement 3 Atlas Copco to acquire South Korean abatement company 3 Pentair and US water groups highlight sustainable water reuse in agriculture 4 Andritz and Ecophos enter strategic cooperation agreement 4 Kenyan pupils get clean water system thanks to Porvair 5 Evoqua purchases Magneto Special Anodes 5 Parkson buys FilterONE USA 5 Evonik starts up membrane coating facility in Germany 16 Wilo expands in sewage technology by acquiring GVA 16
Orders & Contracts
13
People & Appointments
12
Stock Watch
15
ISSN 1365-6937/16 © 2016 Elsevier Ltd. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by Elsevier Ltd, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. Permission of the publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use.