BGF energises 3sun with £10m investment

3sun is the first firm based in the East of England to obtain funding from BGF and the fourth firm to receive funding from the bank-backed fund in 2014.

A significant draw for BGF was the growth forecast expected in the offshore wind market, while the maintenance of legacy oil and gas equipment and the replacement of old systems was also seen as an attractive market opportunity.

The last six years have been a period of consistent growth for 3sun, enabling it to expand not only at home, with the 2013 acquisition of RRC Controls Services – an established manufacturer of subsea control systems for the offshore oil and gas industry – but also into northern Europe, with new bases in Germany, Norway and Denmark.

The fresh capital injection will enable the company to accelerate its capabilities and to increase its global presence, including investing in a new site for its group headquarters to accommodate its projected 50 new employees by March 2015, increasing to 200 extra staff members by March 2017. The firm also aims to bring new products and service solutions to the marketplace.

Company
Founded in 2007 by managing director Graham Hacon, 3sun has expanded from an initial team of one to employing 240 people and 31 apprentices. The company is headquartered in Great Yarmouth, with additional bases in Aberdeenshire, Scotland; Bergen, Norway; Lübeck, Germany; and Esbjerg, Denmark.

The firm has five separate divisions, enabling it to provide oil, gas and wind services from inception to completion. 3sun manufactures, installs and maintains top-side control equipment for offshore oil and gas platforms; 3sun Inspection Services provides testing and inspection services; Dawson Energy supplies skilled technicians for the installation and maintenance of offshore wind turbines; and the recently launched 3sun Academy delivers advanced training courses for skilled offshore technicians.

The group has a typical turnover of £20-30m and is expected to deliver in excess of £25m this year.

People
Graham Hacon is the founder and managing director of 3sun Group. Chris Hodges is an investment director at BGF and will take a seat on the 3sun board. He worked on the deal with senior investment manager Mark Nunny and investment manager Jessica Zoutsos.

Advisers
Equity – Taylor Wessing (Legal); BDO (Financial due diligence).
Company – Mills & Reeve (Legal); JDC Corporate Finance (Corporate finance).

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• Topics
• Expansion
• Industrials
• UK / Ireland
• United Kingdom
• BGF (Business Growth Fund)