Maven Capital Partners has provided further finance to existing investee company Glacier Energy Services to support the acquisition of Professional Testing Services (PTS).
The deal will see Maven, alongside co-investment partner Simmons Parallel Energy Fund, invest an additional GBP3.25m into Glacier.
Glacier is an international oil and gas service company with operations in Aberdeen, Glasgow, Methil and Newcastle. Since Maven first invested in the business in 2011, it has undertaken a buy-and-build strategy having acquired two complementary businesses, Ross Offshore and Site Machining Services. Both companies have already been integrated into the Glacier group.
Maven and Simmons have each invested over GBP6m to date.
The acquisition of PTS will further broaden Glacier’s overall service offering, allowing the business to expand into new markets whilst providing it with the capacity to draw additional services from its existing customer base.
The market for NDT is growing as the UK Continental Shelf (UKCS) is attracting substantial new investment, and oil & gas operators are placing a greater emphasis on safety and the containment of hydrocarbons following the Deepwater Horizon incident. A significant untapped market also exists for Glacier outwith the UKCS, with a forecast international offshore well-count growth of 23 per cent between 2012 and 2017.
Jock Gardiner, partner at Maven, says: “Glacier Energy Services is an excellent example of a successful buy-and-build strategy coming to fruition. Scott Martin and his team have, through a combination of organic growth and selective acquisitions, created a highly regarded business. We look forward to supporting Glacier in its future development.”
Scott Martin, executive chairman at Glacier says: “The UKCS continues to hold significant growth potential for Glacier and acquiring PTS brings another complementary service into the group, following on from the acquisition of Ross Offshore and the continued strong performance of our offshore business.”
