BGF has exited its investment in 3sun Group Ltd, a specialist provider of products and services to the global renewable energy industry.
The business has been acquired by Worley Ltd, the Australian-listed supplier of project and asset services for the energy, chemicals and resources sector.
BGF first made its first investment in 3sun Group in 2014 with GBP10 million to support the expansion of its Great Yarmouth base and advance further opportunities in the UK and northern Europe. 3sun Group was BGF’s first investment in the East of England.
Led by founder and CEO Graham Hacon, 3sun Group has grown its position in the renewables sector to become one of the leading providers of engineering services to offshore wind farms in the UK and Europe. With offices in Aberdeenshire and Denmark, the Group now employs more than 200 people, reaching £23m of turnover in 2018.
Graham Hacon, founder and CEO of 3sun Group, says: “I am immensely proud of the scale and international reputation that we have achieved at 3sun since we set up more than a decade ago. Our rapid growth to date and subsequent new chapter as we join Worley Parsons is testament to the hard work of a brilliant team here. We’ve also enjoyed a great partnership with BGF in these last five years, helping us to accelerate that growth and get us ready for this moment.”
BGF investor Jane Vinson, who will step down from the board of 3sun Group, says: “This is a fantastic achievement for the team at 3sun, who have built one of the leading businesses in the sector over the last 12 years. It has been a pleasure working with Graham and the team and we wish them all the very best for this exciting next step.”
The deal was led for BGF by Jane Vinson and Tom McDonnell.