Hellman & Friedman books 2.5x on GTT

The firm sold its remaining stake in the French marine engineering firm following an IPO last February

San Francisco-based Hellman & Friedman has sold has sold its remaining stake in Gaztransport & Technigaz in a private placement to institutional investors, according to a statement from the firm.

GTT is a French marine engineering firm that builds membranes for the storage and transportation of liquefied natural gas via ship.

The enterprise value was undisclosed, but it is understood that Hellman & Friedman netted a return of around 2.5x on its investment.

Hellman & Friedman acquired a 30 percent stake in GTT from Italian oil and gas contractor Saipem for €310 million in 2008. At that time French oil giant Total also owned a 30 percent stake, with the remaining 40 percent held by French natural gas company GDF Suez.

The firm partially exited the company through an initial public offering on Euronext in February 2014. The IPO priced GTT at €46 per share, giving the company a market capitalisation of €1.7 billion and raising around €700 million.

Following the IPO and the sale of around 5.5 percent last September, which is said to have generated just over €90 million, Hellman & Friedman was left with a stake of around 4.35 percent.

Total reduced its stake to 10.4 percent via the IPO, before selling its remaining stake to Singaporean sovereign wealth fund Temasek in December 2014.

The sale follows shortly after Hellman & Friedman closed its eighth fund on $10.9 billion last December. Capital Partners VIII had been in market for less than a year with an initial target of $8.9 billion.

The fund, which came to market in April and had raised $10 billion by October, according to SEC filings, includes a $500 million GP commitment, as well as additional capital from “friends and family” investors, PEI reported earlier.