DARAG Group, a legacy acquirer specialising in the European market, has officially completed the transfer of its North American and Bermuda operations to RiverStone Group, after obtaining the necessary regulatory approval.
This transaction, originally announced earlier this year, is expected to streamline DARAG’s operations and enable the company to concentrate on its core European business.
Alongside this, the sale will bring in additional capital, strengthening DARAG’s ability to pursue a strong pipeline of European transactions, some of which are already in advanced stages.
Tom Booth, CEO of DARAG, added: “We are pleased to complete this transaction, which simplifies DARAG’s operations.
“It allows the Group to focus on its core European business, and brings additional capital to execute a strong pipeline of European transactions, several of which are in advanced stages of negotiation.
“We will now be bringing firepower to our European core where our strong, well capitalised niche position and good market conditions provide an excellent outlook.”
DARAG received guidance from PJT Partners and Nomura as lead financial advisers, RBC as a financial adviser, and Proskauer Rose LLP as legal counsel. RiverStone was represented by Norton Rose Fulbright US LLP as its legal adviser.
