Terms of the deal were not disclosed, but two well-placed sources told Reuters that the deal values Acteon at between £800 million and £900 million ($1.3 billion and $1.45 billion).
Existing management, which will remain laregly in place, will retain “a significant holding” and Houston-based private equity firm White Deer Energy will also be a part owner of Acteon, according to a statement.
First Reserve bought a 52% interest in Acteon in 2006 for £70 million, according to Reuters. Since then, Acteon has completed eight acquisitions, quadrupled its operating profits and “significantly expanded its geographic footprint”, First Reserve said.
KKR director Josselin de Roquemaurel called the deal “a growth investment in partnership with a highly entrepreneurial management team”.
The deal is expected to close by the end of the year.
JP Morgan Cazenove and Simmons & Company International jointly advised First Reserve and Acteon Group. HSBC Bank advised KKR on the transaction.