LDC backs Rimor MBO

The investment will be used to support the company's UK expansion and potential overseas development. 

Bank funding for the deal was provided by Yorkshire Bank.

According to LDC, the subsea oil and gas industry has experienced strong growth in recent years due to technological developments in drilling and extraction techniques, as well as the increasing demand for hydrocarbons.

Company
Hampshire-based Rimor provides engineered manufacturing services to subsea equipment manufacturers. The company offers an integrated service including precision engineering, assembly, fabrication and testing.

People
LDC regional managing director Martin Draper led the deal for the GP, alongside investment directors Andy Lyndon, Steve Aston and Matt Newbold. Aston and Newbold will join Rimor's board. Alan Wilson, who has previously held positions at Trelleborg Offshore and Weir Group, has been appointed as non-executive chairman as part of the transaction. Michael Lloyd, joining from Rolls Royce, has also joined as non-executive chairman.

Advisers
Equity – Clearwater Corporate Finance (Corporate finance); Freeth Cartwright (Legal); Baker Tilly (Financial due diligence).
Management – Gately (Legal).
Debt – Browne Jacobson (Legal).

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