Admiral Acquisition Limited (LSE: ADMR / ADMW), a publicly-listed acquisition vehicle, has announced that it has entered into a definitive agreement with ASP Acuren Investco LP, an affiliate of funds managed by American Securities LLC, to acquire 100% of ASP Acuren Holdings, Inc., the ultimate parent company of Acuren, a leading North American provider of critical asset integrity services, from US private equity firm American Securities, in a transaction valued at approximately US$1.85 billion, reflecting approximately 9.7x 2024E Estimated Adjusted EBITDA of approximately US$190 million, subject to customary closing conditions.
Latham & Watkins LLP represented Jefferies in a financing to support the acquisition with a cross-border, interdisciplinary team led by New York partner Jesse Sheff, Houston partner Ryan Maierson, Chicago partner Jason Morelli, and New York counsel Kelly Egers, with associates Tony Zhou, Ryan Hudson, KC Sands, and Katherine Page. Advice was also provided on UK corporate matters by London partners Nicola Higgs and Anna Ngo; on UCC matters by New York partner Brian Rock; and on tax matters by New York partner Jocelyn Noll.
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