H&F agrees €310m marine engineering deal

Hellman & Friedman will purchase a 30 percent stake in Paris-based Gaztransport & Technigaz, which builds ship storage and transport systems for liquefied natural gas.

Italian oil and gas contractor Saipem has sold its 30 percent stake in Gaztransport & Technigaz to Hellman & Friedman for €310 million ($451 million).

The company, referred to as GTT, is a French marine engineering firm that builds membranes for the storage and transport of liquefied natural gas via ship. It is based near Paris and employs more than 200 people.

French oil giant Total also owns a 30 percent stake in GTT, while French natural gas company Gaz de France holds a 40 percent stake.

For Hellman & Friedman, the investment touches upon several sectors it frequently targets, according to Luca Velussi, Hellman & Friedman director.

Liquified natural
gas transport ship

“GTT's business sits at the intersection of our energy and technology practices and our expertise in investing in people businesses,” Velussi said in a statement.

Patrick Healy, head of the firm’s European operations, noted that Hellman & Friedman has made more than 30 such minority investments in its 24-year history, and looks forward to helping management further grow and develop GTT’s business.

The San Francisco-headquartered private equity firm also completed its investment in heating and air company Goodman Global, a $2.65 billion deal previously reported on PEO. Its most recent fund closed in May 2007 on $8.4 billion.