Aberdeen energy services firm Glacier Energy is set to receive a multi-million pound investment from equity investor BGF.
The investment follows the acquisition of Glacier earlier this year by Averroes Capital, with BGF set to take a minority stake in the company following its growth and expansion into the renewables market.
Glacier and BGF did not disclose the value of the investment, but BGF generally provides initial investments between £1m and £20m according to its website.
Glacier said the investment will allow it to continue the “rapid growth” it has achieved over the last two years by investing in additional manufacturing capacity.
The firm will also establish a technician training academy as it looks to double its headcount over the next four years.
Glacier currently employs 220 staff plus 20 contractors, with the majority based in the UK across locations including Aberdeen, Glasgow, Fife, Rotherham and Blyth, with an additional office in Kazakhstan.
Glacier targets strategic acquisitions
Founded in 2011, Glacier has completed 11 acquisitions and the firm said it will look to pursue further strategic takeover targets.
Glacier said it will focus on acquisitions which will broaden its geographic footprint in the UK, with offshore wind service providers a specific target.
© Supplied by Glacier EnergyAs part of its growth plans, Glacier is targeting revenues of £45m in 2024, representing a 25% increase on the previous year.
Glacier Energy chief executive officer Scott Martin said the investment from BGF leaves the firm “well-positioned to accelerate our growth and further contribute to the development of sustainable energy solutions”.
BGF investor Richard Pugh said the firm was impressed at the growth achieved by Mr Martin and his team over the past ten years.
“We are really excited about the scale of ambition, involving investment across multiple sites in Scotland, as well as in Yorkshire and the North East of England,” Mr Pugh said.
“It is also great to invest in a business that is already working with other portfolio companies.”
Glacier serves a range of markets including wind, oil and gas, nuclear and chemicals, but is looking increasingly towards energy transition sectors such as hydrogen, leveraging its specialisms in heat transfer, machining, welding and testing and inspection.
In addition to the BGF investment, Glacier recently appointed former Scottish Power CEO Nick Horler as non-executive chairman and Mark Ritchie as group chief financial officer.
Mr Ritchie joins Glacier following previous CFO roles at Richard Irvin FM, ICR Integrity and Enteq Technologies.
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