Cinven completes sale of Prezioso Linjebygg Group to Altrad Group
Cinven today completed the sale of Prezioso Linjebygg Group ('Prezioso') an international leading provider of multidisciplinary technical and engineering services to the energy and infrastructure sectors, to Altrad Group.
Cinven acquired Prezioso in June 2012. The investment was originated by Cinven's Business Services team, which was looking for assets in energy services combining growth and resilience, along with Cinven's French team. Cinven positioned itself effectively as the most credible buyer for Prezioso and successfully executed the transaction outside a formal process.
Under Cinven's ownership, Prezioso has grown significantly and, despite current challenging conditions in the oil and gas market, has been able to deliver double digit revenue and profit growth, as well as geographical expansion, through bolt-on acquisitions and organic growth, and the introduction of Group-wide international best practices.