Gresham, the UK mid market private equity specialist, has backed the secondary buy-out of Walker Technical Resources (Walker) from Maven Capital Partners.
The buy-out is being made via ICR Integrity Ltd, a newly formed vehicle and group brand under which other businesses in the integrity, corrosion and repair sectors can be acquired.
Gresham’s backing will facilitate growth on a global scale both organically and through a ‘buy and build’ strategy.
Headquartered in Aberdeen, Walker specialises in composite repairs to pipework and structural assets for the oil and gas industry.
It currently employs 45 full-time staff in Aberdeen and has export sales in over 12 international markets.
The demand for engineered composite repair technology is strong as ageing assets require safe, innovative and cost effective solutions.
Iain Wolstenholme, Partner at Gresham who led the deal, says: “Gresham has been looking to invest in the integrity, repair and maintenance niche of the energy sector for some time and we are delighted to be backing this talented management team. This investment also reinforces Gresham’s reputation for buy and build.”
Willie Rennie, CEO, Walker Technical says: “The team at Walker has delivered industry-leading safety, quality and service levels. We have brought new solutions to customers and opened up new markets. The substantial growth of the business is testament to the great team at Walker and our focus on the most advanced composite technologies in the market. I’m extremely proud of what we’ve achieved allowing us to take this next strategic step.
“The creation of ICR Integrity heralds an extremely exciting time as we embark on our vision to create a group of companies on a global scale via both acquisition and organic growth and we are already progressing opportunities with Gresham to achieve this.”
Gresham Partners Iain Wolstenholme and Andy Marsh will join the Walker management board.
Gresham has significant experience in the oil and gas sector having previously backed the MBO of Swift, a global recruitment and relocation business focused on the oil and gas sector.
Debt facilities were provided by HSBC led by Joe Windle.
