Maven leads £14m RMEC MBO

The GP provided £7.5m of capital for the deal with management rolling in the additional £6.5m.

Following the buyout, RMEC will add to its management team, expand its rental fleet and develop its workshop and storage facilities. The company also announced the appointment of Bryan Fagan as managing director. Fagan was formerly part of the management team that sold Graphite Capital-backed oil field services company Dominion Gas to Praxair in May 2013.

The majority of funds were drawn from Maven's VCTs while the GP also sourced capital from its network of high-net-worth individuals and family offices.

Simmons & Company was appointed as the advising team to run a small auction process, which was won by Maven.

The deal is Maven's seventh oil & gas investment over the course of nine months. In March, the firm led a £4.6m investment in ISN Solutions, a London-based IT and communications service provider looking to expand into the Aberdeen market. A week beforehand, Maven joined a £3.25m investment in Glacier Energy Services to finance a bolt-on.

Elsewhere in 2014, the GP led the £7.25m management buyout of promotional merchandise supplier SPS and a £3.5m investment in Carlisle-based tyre manufacturer DMack.

Company
RMEC is a provider of well services equipment to the oil & gas industry. Based in Forfar, Scotland, the company has a turnover of £9m and a headcount of 20.

People
Ewan MacKinnon, an investment director, led the deal for Maven. Jock Gardiner is a partner at Maven.

Advisers
Equity – Blackwood Partners (Legal); Campbell Dallas (Financial due diligence); Calash (Commercial due diligence); Marsh (Insurance due diligence); Korn Ferry (Management due diligence).
Company – Simmons & Company (Corporate finance).

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• Topics
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• Buyouts
• United Kingdom
• Maven Capital Partners