THE Aberdeen-based head of Simmons Parallel Energy, a private-equity fund set up to make minority joint investments across the energy sector, has been promoted.
Frank Summers becomes a managing director with parent Simmons and Company International in the Granite City, however, he will also continue to head the private-equity fund.
The group said the promotion recognised his success in the development of the fund since it was established in April 2008.
The £57million fund typically invests between £1.7million and £4.3million alongside other investors.
Mr Summers joined Simmons in January 2009 after 20 years with Bank of Scotland, latterly as head of integrated finance: partnerships.
He said: “Harnessing Simmons’s energy investment-banking experience and networks, the fund is already creating value by helping investee companies achieve their growth potential.
“There are many owner-managers of companies in the energy sector looking for capital to grow or develop technology to take them to the next stage.
“Private equity investment will help them fast-track that growth and build a more valuable business.”
The fund has already invested in companies including Electro-Flow Controls, Subocean Group and Red Spider Technology.
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