Hg Capital sells PII for £310m
12 April 2012
VENTURE capitalist Hg Capital, formerly Mercury Private Equity, has sold the hi-tech oil and gas pipeline inspection business featured in the James Bond film The World Is Not Enough for £310m.
Pipeline Integrity International is being bought by GE Power Systems, a British-based division of the US conglomerate. In the movie, Bond straddled one of PII's 'intelligent pig' pipeline-inspecting robots.
Hg, which bought the company from BG in a management buy-in worth £90m, said that it had quadrupled its equity investment in the deal.
