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Dunedin, the UK mid-market buyout house, has invested in the GBP69 million management buyout (MBO) of EV Offshore Limited.
The company’s early growth was funded by global energy-focused investor Lime Rock Partners.
The deal, directly originated by Dunedin, employed the firm’s trademark DebtBridge solution.
EV designs, manufactures and provides high performance, ruggedised video cameras that are used to diagnose and analyse problems in oil and gas wells.
EV is based in Aberdeen and Norwich, with R&D and manufacturing facilities based in Norwich. It has a further presence in 17 worldwide locations across Northern Europe, Canada, the US, West Africa, the Middle East, Asia and Australasia. The business currently employs 100 staff.
Chief executive Francis Neill says: “As a market leading technology company with a global presence, EV represents a strong UK success story. Lime Rock Partners’ backing over the last four years has enabled EV to grow by a factor of 20 and establish operations from Alaska to New Zealand. Moving forward, we are very excited to have Dunedin joining the team which will enable EV to further grow its business around the world and add EV to the list of the UK’s world class oilfield service companies.”
Dunedin partner Dougal Bennett, who will join EV’s board, says: “This investment offers the opportunity to back an excellent management team in a fantastic UK business, which has a significant technological competitive edge operating in a predominantly untapped global market. We see a clear opportunity for the business to broaden its product and service offering and in turn deliver significant additional growth. This is highly representative of Dunedin’s approach to investment - backing UK based hidden champions and helping them to shine on an international stage.”
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