Maven and Simmons back £8.5m energy services buyout

The two companies were merged to form the Glacier Energy Services group. Maven and Simmons provided £5m of equity to fund the transaction, which they sourced through direct contact with the management.

Simmons & Company invested via Simmons Parallel Energy, a co-investment private equity fund focused on the energy sector, which closed on €87.5m in April 2008. Maven provided equity through a wide range of VCTs: Maven Income and Growth VCT 1, 2, 3, 4 and 5; the Ortus VCT; and the Talisman First VCT.

The investors were attracted by the growth forecast for the UK subsea oil and gas sector, where the two companies operate. They were also impressed with the businesses' resilience through the downturn.

Glacier Energy Services will now look to double its revenues and profits over the next three years.

Debt
Clydesdale arranged a £3.5m senior debt package to finance the buyout.

Company
Aberdeen-based Glacier Energy Services offers a range of services to the oil and gas industries. Roberts Pipeline Machining designs and manufactures precision on-site portable cutting machines. Wellclad focuses on providing weld overlay and cladding services for equipment used in offshore and subsea environments.

The new group generates £4m of combined turnover and employs 30 staff.

People
Jock Gardiner and Ewan MacKinnon led the deal for Maven Capital Partners. Dave Sturrock is CEO of Glacier Energy Services.

Advisers
Equity – Ritson Smith (Corporate finance); Paull & Williamsons (Legal); Calash (Commercial due diligence); Deloitte (Financial due diligence); Prelude (Management due diligence, Insurance due diligence); Armstrong Craven (Management referencing).
Management – Blackwood Partners (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Buyouts
• Industrials
• Small-cap buyout
• Clydesdale Bank
• Deloitte
• Simmons & Company International