Headquartered in Scotland with regional hubs worldwide, OEG Offshore is a provider of specialist equipment to the offshore oil and gas industry. KKR has purchased a majority interest in the company with OEG management continuing to hold a sizable stake. Terms are undisclosed.
KKR's Dominic Murphy: "OEG has built an impressive track record of growth and has an exciting development path ahead, expanding its fleet, geographic coverage, and suite of products and services."
In other KKR news, the stock is boosted to Outperform at Credit Suisse with price target lifted to $333 from $29.