Maven and Simmons inject further £3.25m into Glacier

The funding will be used to support the acquisition of a 100% stake in Professional Testing Services (PTS), a provider of non-destructive testing services to the renewable and oil & gas sectors. The purchase will expand Glacier's existing service offering into new markets.

Maven's investment will be sourced from a range of VCTs, while Simmons' equity contribution was drawn from the Simmons Parallel Energy Fund. The latest injection means that each backer has now invested more than £6m in Glacier.

Glacier was formed in 2011 when Maven and Simmons acquired Roberts Pipeline Machining and Wellclad for a combined £8.5m and subsequently merged the two energy service companies. Since then, Glacier has been at the heart of a buy-and-build strategy that has seen it acquire Ross Offshore and Site Machining Services in addition to PTS.

Maven expects the enlarged Glacier group to generate an annual turnover of £24m and employ more than 200 people.

To date in 2014, Maven has led the £7.25m management buyout of promotional merchandise supplier SPS and invested £3.5m in Carlisle-based tyre manufacturer DMack.

Company
PTS was established in 1981 and provides non-destructing testing services to the gas & oil and renewable sectors. The company employs 51 staff and generates turnover of £6m with EBITDA of £1.5m. It is based in Methil, Scotland, with work undertaken internationally.

People
Scott Martin is executive chairman at Glacier. Jock Gardiner, a partner, led the deal for Maven.

Advisers
Equity – Burness Paull (Legal); Johnston Carmichael (Financial due diligence).
Company – Blackwood Partners (Legal).

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