North-east subsea technology firm Fathom Systems has changed hands in a £4.25million management buyout by Maven Capital Partners.
The private equity house has acquired a majority stake in Portlethen-based Fathom from Hugh Williams, who was one of its directors and has retired.
Fathom engineers highly specialised underwater communication, control and instrumentation products and services for the fast-growing global subsea oil and gas sector.
With annual turnover of £5million and a 36-strong workforce, it serves clients focused on commercial diving, remotely-operated vehicles and underwater engineering.
It is the 15th portfolio company for Maven in the energy service sector, which in the past year alone has invested more than £15million in RMEC, ISN Solutions, R&M Engineering and also achieved an almost four-fold return on its exit from EFC Group.
The latest deal gives Maven ownership of Fathom alongside managing director Gareth Kerr, who the private equity firm said would “continue to lead a strong and experienced management team.”
Maven partner Jock Gardiner added: “We are very impressed with the development of Fathom Systems and look forward to working in partnership with Gareth Kerr and his team to take the business to the next level.
“The transaction represents an excellent opportunity for our client funds to invest at an attractive price in a strong brand operating in a robust sector of the energy services market.”
Fathom has recently moved to new, larger premises in Portlethen’s Badentoy Park and Maven said its investment would allow the business to further its international growth and expand its product line into other high-end engineered systems.
Mr Kerr said Maven’s involvement had come at a perfect time for Fathom, adding: “Over the past year the business has doubled its turnover and staff, and similar growth is expected over the next two years.
“We have built a strong brand since the company’s formation in 2005 and this will be the foundation for the next phase in our development.
“With the backing of Maven and the support of a strengthened management team we will exceed client expectations and achieve our growth ambitions both in existing and new markets.”
Glasgow-based Maven was previously the private-equity arm of Aberdeen Asset Management.
It is one of the UK’s leading private-equity managers, managing more than £340million of client funds from offices in Aberdeen, Edinburgh, Glasgow, Manchester, Birmingham and London.
Recommended for you
