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04/07/2012

Firm's Buy-Out Brings Employees A Share Windfall

A Scottish energy, mining and metals research group has changed hands in a £1.1bn deal.

The buy-out of Edinburgh-based Wood MacKenzie means members of staff who own shares in the company will share a £90m windfall, with an average pay-out of about £250,000.

Private equity firm Charterhouse Capital Partners sold a 63% holding to its rival, Hellman & Friedman.

A spokesman told The Scotsman newspaper that it will be "business as usual" for the company and the share payments will be made to employees at all levels, "from the executive team to secretaries and office workers".

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Staff will retain a 24 per cent stake in the firm.

It is understood that the firm's eight-strong management team, led by chief executive Stephen Halliday, will remain with the business following the deal, which is expected to be completed by the end of August.

Halliday, who joined the firm in 1989, said: "We have always been a business which recognises effort and loyalty and we're proud of our strong egalitarian approach. Therefore I'm really pleased that so many of our people are sharing in the rewards of their efforts in building up a business which was valued at around £20m at the time of the employee buy-out just 11 years ago."

In the year to the end of December 2010, pre-tax profits at WoodMac rose 14 per cent to £48.3m, on turnover 18 per cent higher at £128.1m.

Wood MacKenzie, which employs 800 people around the world and is planning further growth, provides analysis to major oil companies and government agencies.

(NE/GK)

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