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Arle Capital Partners completes Stork exit with EUR695m sale to Fluor Corporation

Private equity firm Arle CapitalPartners is to sell Stork, a provider of knowledge-based asset integrity services focusing on the Oil & Gas, Chemical and Power sectors, to Fluor Corporation (Fluor) for EUR695 million. 

The sale of the business, formerly Stork Technical Services, represents a full exit from Stork Holdings BV. following the sale of Fokker Technologies to GKN for EUR706 million which was closed in October this year. 
John Arney, Managing Partner of Arle, says: “We are delighted with the agreed sale of Stork to Fluor which delivers a full exit at an attractive valuation, fairly reflecting the high quality of this business. 
“The Arle team assumed management of the Stork investment in 2010 and subsequently recruited a new management team. We have worked closely with this team to re-focus the business on sectors and geographies with strong long- term growth characteristics, enhanced by accretive acquisitions. 
“We are confident that Fluor is an excellent new parent for Stork providing, as it does, a stable new platform for Stork to execute its growth plans and augment these with new avenues for expansion within the Fluor group. On behalf of the Arle team, I wish the management and staff of Stork well for the future.” 
Upon closing of the acquisition, Fluor will begin combining Fluor’s Operations & Maintenance organisation with Stork. Current Stork CEO, Arnold Steenbakker, will lead the combined business and report directly to Fluor’s CEO, David Seaton. The management team will be formed by Stork’s existing management combined with the managers of Fluor’s Operations & Maintenance business. The combined group, branded Stork and headquartered in the Netherlands, will have an annual turnover of approximately EUR2.1 billion (USD2.3 billion) and a total of approximately 19,000 employees. 
Completion of the acquisition is expected to take place in the first half of 2016 after completion of the necessary employee consultation processes and requisite regulatory clearances. 
Advisers on the transaction include Greenhill, Rabobank, Clifford Chance Amsterdam, KPMG and Deloitte. 

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