THE SITUATION: A TIME-SENSITIVE SALE REQUIRED UNDER CMA INSTRUCTION
In June 2022, following the acquisition of a competitor, the CMA announced the requirement for CHC Group LLC (CHC), a leading global helicopter services company to sell Offshore Helicopter Services UK Limited (OHS UK), a UK offshore helicopter service provider to the Oil & Gas industry due to competition concerns in the North Sea Oil & Gas market. OHS UK was a loss-making standalone operation.
AlixPartners was appointed as lead M&A advisor to CHC to lead the sales process, manage due diligence and lead negotiations to deliver the sale of the business.
AlixPartners led a comprehensive international auction process, leading the preparation and marketing of the business and negotiations with buyers. Throughout the process, AlixPartners navigated the complexities arising from multiple stakeholder approvals, including addressing the requirements of the CMA and engaging with oil and gas customers and helicopter lessors to obtain approvals. The AlixPartners team successfully navigated these approval processes, paving the way for a successful divestment within the timetable set out by the CMA.
THE APPROACH: POSITIONING THE TARGET AS A “PREMIUM” ASSET
The AlixPartners’ deal team delivered comprehensive M&A advisory services across all stages of the divestment process:
- Preparation: AlixPartners invested significant time with the management team to present the asset in the best possible light, identified key selling points and potential deal issues early
- Maximised competitive tension: AlixPartners used their global network to approach a global population of buyers, including strategic players, private equity and high net worth individuals.
- Due diligence: AlixPartners provided the management team with hands on support during the due diligence phase
- Stakeholder management: Active engagement with all the stakeholders (CMA, lessors and customers) in order to build confidence in the transaction being presented, provide solutions to any concerns and ensure approval processes were delivered as quickly as possible.
- Robust negotiations: Clear messaging of CHC’s position on value and commercial positions while also managing a number of parties to progress the transaction.
THE SOLUTION: VALUE MAXIMIZED AND AN OUSTANDING OUTCOME FOR ALL STAKEHOLDERS
AlixPartners ran a comprehensive, efficient and professional sales process, which resulted in a successful outcome for all parties involved.