Maven Capital Partners has made a further investment in existing portfolio business Fletcher Shipping.
Maven Client Funds, alongside the Scottish Loan Fund (SLF), which is managed by Maven, have provided a GBP5.5m package to part fund the acquisition of a fourth and fifth Platform Support Vessel (PSV), the FS Pisces and FS Sirius.
Established in 2007, employing around 100 people, Fletcher owns and operates PSVs in the North Sea. These vessels support the offshore oil and gas industry by transporting everything an oil rig needs to function 365 days a year including food, consumables, production/drilling equipment, replacement parts etc.
The SLF originally invested GBP4m in Fletcher in 2012 to part-fund the acquisition of its third PSV, the FS Taurus. With the vessel having been in continuous service since the first investment was completed, Fletcher was keen to grow its fleet to meet the ever increasing demand from the thriving North Sea oil and gas sector. As a result Fletcher has taken up the option to drawdown a further GBP1m from the SLF together with a GBP4.5m investment from Maven Client Funds.
Jock Gardiner, partner at Maven, says: “Fletcher Shipping is making the most of the opportunities which exist in the booming oil and gas industry in the North Sea. They have firmly established themselves in the market, providing an excellent service to their existing customer base and the resultant demand to charter their high-quality PSVs has led to them being constantly in service.
“The business continues to be ambitious and the purchase of the two new vessels will help them to significantly increase capacity. Maven has proved to be a perfect fit for what they are trying to achieve and we are pleased to support this dynamic Scottish SME with its growth plans.”
Keith Fletcher, managing director at Fletcher Shipping, says: “We are delighted to be in the position of adding a fourth and fifth vessel to our expanding fleet. The investment from Maven Client Funds has allowed us to pursue our growth strategy and realise the potential that remains in the North Sea for vessels of this size and capability.”
Kerry Sharp, head of the Scottish Investment Bank, says: “Fletcher Shipping is exactly the kind of company the Scottish Loan Fund was established to support – it has excellent potential for growth and a real desire to achieve it.
“This deal demonstrates the key role played by the SLF in delivering our access to finance agenda. It’s a flexible product that acts as a catalyst for further investment, and I’m pleased to see it working alongside RBS and Maven Client Funds to help the company take the next step into its promising future.”
