In the News: 2004

Sea Ventures: Lombard Invests in Mermaid Maritime

Asia Private Equity Review 
1 July 2004

Thailand Equity Fund has taken up a 16.7% equity stake in Mermaid Maritime Ltd. ("Mermaid") for Baht204 million (US$5.2 million), according to Mr Thomas J. Smith, managing director of the San Francisco-based Lombard Investments, Inc..
 
Based in Thailand, Mermaid is a joint venture between Thoresen Thai Agencies Plc ("Thoresen") and a group of European managers with operating experience in Thailand dating back to 1965. It is a pioneer in complex and specialised critical support marine services to both the shipping and oil industries in the country. Mermaid is also the only internationally accredited commercial diving operation in Thailand.  The capital from Thailand Equity Fund will be used to help the company"s expansion activities.

The portion taken by Thailand Equity Fund represents half of the new shares issued by Mermaid.  Its parent organisation, Thoresen, has taken up the remaining 50%. Thoresen is one of the oldest names in the shipping industry and traces its presence in Thailand to 1926. It became a listed company on the Stock Exchange of Thailand in 1995 (fig.10).

Thailand Equity Fund has a capital pool of US$245 million and is managed by MFC Asset Management, one of the largest such firms in the country. Mr Smith, who has been instrumental in the formation of the fund, is the head of the investment vehicle.  Lombard Investments has offices in San Francisco and Bangkok. (Thailand)

Thailand"s largest private equity fund makes its second commitment of the year in a marine services co.