Legacy specialist DARAG Group has agreed to sell its North American and Bermuda business entities to the RiverStone Group. The deal is subject to regulatory approval and is expected to complete by the end of the year. DARAG said the move would allow it to focus on its European operations.

Tom Booth, CEO of DARAG, said: “We are pleased to pass this excellent and well-established niche business into the hands of a great company like RiverStone. We wish all the best to our North American and Bermuda based colleagues, several of whom I have had the great pleasure of working with for many years and for whom I have the greatest respect.

“I also look forward to the opportunity this transaction presents to bring focused firepower to our European core. Our strong, well capitalised niche position, and good market conditions, give us great optimism for our European business. “