Gresham-backed ICR in third bolt-on

The bolt-on ties in with ICR's strategy of building a group of businesses specialising in integrity, repair and maintenance for the energy industry. HSBC provided financing facilities for the transaction.

This is the third acquisition made by ICR since Gresham bought the business from Maven Capital Partners in July 2011. ICR most recently bought UK-based mechanical services provider Moss in August 2012 – Gresham provided additional funding to finance the deal while HSBC provided a debt facility.

Company
ICR was founded in 2011 to complete the SBO of Walker Technical from Maven. The GP implemented a buy-and-build strategy to build a group offering integrity, repair and maintenance services to the oil & gas sector.

CIU provides rental, sales and maintenance services for chemical injection pump units and related equipment. It targets chemical companies and operators in the oil & gas industry.

Established in 1993, CIU employs 13 staff and generates revenues in excess of £3.5m – a quarter of which originate outside the UK.

People
Iain Wolstenholme represented Gresham on the deal. Willie Rennie is CEO of ICR.

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• Topics
• UK / Ireland
• Expansion
• Industrials
• Gresham Private Equity
• Buy-and-build
• United Kingdom