May 14, 2012, Frankfurt – Advent International, the global private equity firm, today announced that it has signed an agreement to sell Nukem Energy GmbH (‘NUKEM’), one of the largest uranium traders, to Canadian Cameco Corp., one of the world's leading uranium producers.
The sale completes Advent’s exit from RWE Solutions Group which Advent acquired from German utility RWE AG in 2006. At the time, RWE Solutions Group consisted of a highly diversified portfolio of energy-related services businesses. The two largest units within this portfolio were SAG and Nukem, which themselves comprised a num-ber of different businesses. During the investment period, Advent helped the busi-nesses achieve independence from the conglomerate structure of the RWE Solutions Group and allowed them to strengthen their core competencies.
Nukem is one of the leading traders of uranium, conversion and enrichment services. Nukem plays a critical role in the global marketplace, due to its positioning at the in-tersection of producers of uranium, intermediaries and energy utilities. Under Advent’s ownership, Nukem particularly focused on developing and professionalising its trading operations: “We have successfully intensified our strategic client and supplier portfolio and invested in comprehensive IT solutions during recent years. We are thus in a strong position to harness the full potential of our unique global trading network; in addition we have more flexibility to meet our customers’ precise delivery needs” said Dirk Martens, Managing Director of Nukem.
The acquisition of Nukem by Cameco is a good strategic fit as Nukem complements rigid supply chains with the benefits of a smart and flexible trading platform. More-over, thanks to its own long-term uranium supply contracts, Nukem offers access to the Asian market.
The transaction is subject to approval by the relevant regulatory authorities.
About Advent International
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 16 countries on four continents. A driving force in international private equity for 27 years, Advent has built an unparalleled global platform of over 160 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since inception, Advent has raised €19.4 billion in private equity capital and, through its buyout programmes, has completed over 270 transac-tions in 35 countries. Advent’s investments in the industrial sector include, amongst others, Moeller, Oxea, H.C. Starck and Oberthur.
For more information, visit www.adventinternational.com.
Cameco is one of the world's largest uranium producers accounting for about 16% of the world's production from its mines in Canada and the US. Our leading position is backed by about 480 million pounds of proven and probable reserves and extensive resources. Cameco holds premier land positions in the world's most promising areas for new uranium discoveries in Canada and Australia as part of an intensive global exploration program. Cameco is also a leading provider of processing services required to produce fuel for nuclear power plants, and generates 1,000 MW of clean electricity through a partnership in North America's largest nuclear generating station located in Ontario, Canada.