NBGI Private Equity backs buyout of Aberdeen-based ATR Group
NBGI Private Equity (“NBGI”), a leading private equity investor in the UK lower mid-market, is pleased to announce that it has backed the management buyout of ATR Group Ltd (“ATR”), the leading Aberdeen-based oil & gas rental services business. An equity and debt financing package of over £20m has been put in place, with significant capital allocated to fund the growth strategy of the business.
A market leader in the rental of specialised tools and equipment principally for the offshore oil & gas industry, ATR also provides a comprehensive range of added value support services including outsourced fleet management, health and safety compliance, and inspection and certification of equipment. ATR Group has a long-standing, loyal blue-chip customer base and a track record of successfully winning contracts with new clients active in the offshore, renewables, subsea and marine sectors.
NBGI has backed ATR’s existing management team led by Keith Moorhouse, who is reinvesting in the business, alongside Operations Director Mike Robertson and newly appointed Chief Financial Officer, Euan Leask. NBGI has taken a majority stake in ATR with support from Clydesdale Bank, which has provided senior debt and committed capex funding.
ATR has flourished since the original MBI deal in 2007, which was supported by investment from Maven Capital Partners, and now boasts turnover in excess of £17m. The market for ATR’s services is growing strongly, driven not only by growth in global demand for energy, but also by an increasing health and safety burden in the offshore oil & gas sector and ageing infrastructure, which requires high levels of ongoing maintenance.
Commenting on the investment, Lawrence Dean, Investment Director of NBGI, who joins the ATR board, said: “ATR’s market-leading position and robust financial standing provide a strong platform for organic and acquisition-led growth. We are delighted to be supporting the senior management team and looking forward to working in partnership to take the business to the next level, building on the strong growth potential.”
Keith Moorhouse, Chief Executive of ATR Group, commented: “Maven’s investment in 2007 allowed us to take forward our growth plans, providing the necessary capital and expertise. Since then and despite a challenging economic climate, we have rapidly grown the business, expanding our client base, our fleet and our global footprint. As we enter a new exciting stage of growth with the right foundations in place, we welcome the investment by NBGI which will enable a step-change in our investment plans for the fleet and allow us to explore opportunities for future acquisitions.”
Jock Gardiner, partner at Maven concluded: “This is another profitable energy services business exit for Maven and allows the ATR management team to continue its ambitious growth strategy. We have enjoyed working with Keith and the rest of the team during a period of considerable development for ATR and wish the team all the very best for their next exciting stage of growth.”
Lawrence Dean, Adam Lewis and Rupert Brown worked on the transaction for NBGI, with corporate finance advice provided by Tom Faichnie of Campbell Dallas. Senior debt and capex funding was arranged by the Clydesdale Bank’s Aberdeen leveraged finance team, led by Bill Blacoe. Doug Crawford, Helen Machin and Dawn Reoch of Dundas & Wilson acted as legal advisors to Newco, with Helen Dickson of Paull & Williamsons acting for management. Due diligence was carried out by PwC, CIL and Highwire Consulting, with Newco tax advice provided by Deloitte.Corporate finance services to Maven were provided by Andy Walker and Mark Raper at Johnston Carmichael, with legal advice provided by Ken Gordon and Colin McKenzie of Paull & Williamsons.
- Lawrence Dean 020 7661 5678