Dunedin-backed EV Offshore completes GBP20m re-banking with RBS
The Royal Bank of Scotland (RBS) has completed a GBP20 million re-banking of EV Offshore.
This marks an ongoing banking relationship for EV, following the recent GBP69 million management buy-out supported by Dunedin, the UK mid-market private equity firm.
Dunedin backed EV in a transaction that saw it employ its trademark DebtBridge solution in order to ensure deliverability and certainty of debt funding for the company. This is the sixth investment in which Dunedin has used its DebtBridge product.
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 a fast growing business, having increased its turnover from GBP1m in 2010, to almost GBP20m in 2014.
EV was founded by technical director Jonathan Thursby in 2000. Thursby successfully adapted video camera technology, which he had initially developed for use in televising automotive sports events.
EV is 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, US, West Africa, the Middle East, Asia and Australasia. The business currently employs 100 staff.
Oliver Bevan, investment director at Dunedin who recently joined the board of EV, says: “With our DebtBridge product we were able to get the initial transaction over the line quickly without getting held up waiting for bank debt finance. Then, in less than a month we secured the re-banking with RBS, ensuring a smooth transition and on excellent terms for the company. We look forward to working in partnership with RBS to enable EV to further grow its business around the world.”
Rory McPherson, head of structured finance Aberdeen for RBS, says: “EV has game-changing technology and a first class management team. We are delighted to be continuing our support of the business as it embarks on the next phase of its development.”
Dunedin’s investment in EV is the third completed from its latest GBP300 million fund, Dunedin Buyout Fund III. It follows the GBP90 million management buyout of Kee Safety, a global supplier of safety systems and products.
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