NBGI backs Cosalt Offshore

The fresh capital will be used to capitalise on international growth opportunities, to stabilise the Cosalt business that has been through a difficult period in recent years, and safeguard jobs.

Cosalt and NBGI portfolio company ATR will merge and pool their resources and technical expertise together, creating a larger entity in the oil and gas industry.

The merger will bring together Cosalt's technical expertise in offshore lifting combined with its offshore inspection, testing and safety service, with ATR's global equipment rental service offering to the offshore maintenance sector.

Discussions started before Christmas and negotiations took approximately three months from start to close, the GP told unquote".

ATR rents out specialised tools and equipment to the offshore oil and gas industry maintenance sector. NBGI invested in ATR in early 2012. Its strategic move into subsea equipment rental and services was accelerated by the acquisition of UES in Q2 2012.

Together, ATR and Cosalt will employ almost 400 people and generate a turnover of £55m. NBGI will seek to consolidate and grow the two businesses to a turnover in excess of £100m, both organically and through acquisitions.

Company
Cosalt Offshore was previously part of Grimsby-based Cosalt plc. The company provides a range of offshore and maritime safety equipment including lifting and rigging gear, wire rope and related tools, alongside offshore inspection and compliance services.

People
Investment director Lawrence Dean led the deal for NBGI and is a director of ATR Group. Pablo Villanueva and Rupert Brown are partners in the NBGI team. Keith Moorhouse is chief executive of ATR.

Advisers
Vendor – PwC (Financial due diligence).
Company – Dundas & Wilson (Legal); Johnston Carmichael (Financial due diligence).

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