Maven Capital Partners invests GBP5m in the MBO of R&M Engineering
Maven Capital Partners has invested GBP5m for a majority equity stake in R&M Engineering, which provides integrated engineering and fabrication services to the North Sea oil and gas industry.
This investment is the sixth new deal Maven’s Aberdeen team has completed this year.
R&M operates out of purpose built premises in Huntly (Aberdeenshire) and is one of the few independent companies in the UK with the expertise and infrastructure to carry out large and complex projects including hydraulic, pneumatic and electrical work. The business undertakes all processes in-house including design, machining, welding and final fabrication.
R&M has enjoyed a sustained period of organic growth in the North Sea in recent years, with turnover currently at GBP13.8m, and is now starting to complete work on a “build to ship” basis for overseas customers through its existing key relationships and their connected subsidiaries.
Maven will provide strategic support to R&M through its next phase of growth.
The business will now also look to develop into new markets through a laser survey and scanning division, which will provide a 3D survey capability using advanced laser scanning technology and software.
The business will continue to be supported by the founder and chairman Robbie Mackay, as a non-executive director, alongside R&M’s current managing director Alan McLean who will continue to lead the R&M management team, with Mackay as finance director.
Jock Gardiner, partner at Maven, says: “This is a very attractive investment for Maven Client Funds. R&M provides specialist manufacturing and engineered solutions to the oil & gas sector which are in demand globally. With the senior management team’s extensive industry experience and contacts, we expect R&M to continue to exploit new opportunities both in the North Sea and overseas. We look forward to working with the team to drive the business’ undoubted growth potential.”
McLean says: “This is an exciting time for R&M Engineering. We are looking forward to a bright future working together with Maven. This new partnership will not only allow us to drive our business forward but will also enable us to provide our valued clients in the oil and gas industry with an expanded range of services.”
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