Rutland Acquires GEMS International28/03/2011
|Rutland Partners (UK) has made an EUR31 million acquisition of GEMS International NV (GEMS) which engages in subsea technical analysis and surveying. Rutland has invested EUR16 million for a majority shareholding in GEMS. Rutland was introduced to GEMS in late January, went exclusive in early February and completed the acquisition in three weeks.|
Whilst GEMS is a Belgian registered company, the principal operating divisions
in the GEMS group, GEMS Geotechnical and Geophysics, are based in Bath and
Devizes (UK) respectively. GEMS is also engaged in near-shore investigations
and environmental monitoring. Customers are principally oil and gas exploration
majors, wind farm developers, telecommunications companies and port operators.
In the year ended 31 December 2010, GEMS had turnover of EUR67 million but
suffered significant exceptional losses.
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Supplier: Gems International NV
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