Clearwater Corporate Finance’s industrials team has advised shareholders at Rimor, a supplier to the sub-sea oil and gas industry, on the multi-million sale to its management backed by LDC, the mid-market private equity firm.
The company, based in Denmead, Hampshire, employs 123 staff and specialises in the supply of complex, high-precision components, technical fabrications and complete assemblies, predominately to the capital equipment sub-sea, deep water oil and gas market.
Partner Jon Hustler and assistant director Mark Day from the Birmingham office of Clearwater advised shareholders of Rimor on the transaction.
Hustler says: “Rimor’s unique capabilities, highly-skilled workforce and strong track record of capital investment has resulted in the company becoming a pre-eminent supplier in its field.
“Manufacturers of major equipment used in the oil and gas industry are increasingly pursuing a strategy of outsourcing non-core production. Rimor is already benefitting from this strategy and is enjoying an increase in orders from existing customers driven by growth in global spend.
“With growing worldwide demand for energy and the need to extract oil and gas from deeper water and more extreme environments, prospects for the sector as a whole look very positive. Under the stewardship of a first-rate management team, this puts the business in an excellent position to deliver significant growth in the future.”
