Dunedin’s EV re-banks with RBS

Alice Murray
25 July 2014

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EV Offshore, acquired by Dunedin last month, has completed a £20m re-banking with RBS.

Dunedin acquired EV Offshore in late June, in a deal supported by the private equity house's DebtBridge funding. The management buyout was valued at £69m.

Dunedin has now transferred EV's acquisition finance out of its DebtBridge fund and over to RBS.

Dunedin's DebtBridge approach allows the private equity house to secure deals without needing to arrange immediate bank financing. This latest transaction marks the sixth time Dunedin has used its DebtBridge product.

EV Offshore manufactures down-hole video cameras, used to diagnose and analyse problems in oil and gas wells.

The company was founded in 2000 by technical director Jonathan Thursby. It is based in Aberdeen with R&D and manufacturing facilities in Norwich. EV is also present in 17 further locations globally including the US, Canada, west Africa and the Middle East. The company employs 100 people.

EV currently generates turnover of £20m, a significant increase from £1m generated in 2010.

Oliver Bevan is investment director at Dunedin and also sits on the board of EV. The deal was led by Dunedin partner Dougall Bennett, joined by investment director Nicholas Hoare and partner David Williams. Rory McPherson is head of structured finance in Aberdeen for RBS. Also working on the deal for RBS was structured finance director Lee Donaldson and structured finance assistant director Graham Neill. Francis Neill is CEO of EV.