A major investment firm has ploughed £30million into a north-east oil and gas logistics firm.
AAC Captial has taken a majority stake in Lubbers Transport Group – allowing the firm to plan a major expansion of its operations.
Chief operating officer Tony Tailford, along with his co-founder Ronald Lubbers, have each retained a significant minority shareholding in the deal.
Last night, Mr Tailford said the investment will help the firm realise its international growth ambitions.
“We have been looking for a professional partner to help us realise this strategy and the investment from AAC Capital fits perfectly with this ambition,” he said.
“The company has a wealth of experience in helping management teams realise their international growth ambitions. Our outlook for 2014 in the UK is a positive one, having invested significantly in our infrastructure over the past 12 months.
“The UK market is very buoyant at the moment and our newly-established routes will help us ensure the UK remains a key strategic centre for LTG going forward and as we look to consolidate our oil and gas position.
“Aberdeen in particular has seen significant investment over the last 12 months as we continue to expand our operations.”
LTG now operates 120 trucks and 290 trailers through a pan-European network of 11 bases in key oil and gas locations including the UK Netherlands, Denmark, Romania, Poland, Norway.
The company employs nearly 300 people throughout Europe and serves a broad portfolio of clients including operators, service companies, global forwarders and regional service providers.
Under the AAC deal, Lubbers chief executive Ger Engelsman and Erik Mulder, chief financial officer, have also taken a minority stake.
Marc Staal, managing partner at AAC Capital said: “LTG is a highly successful and well positioned business in the attractively growing oil and gas services sector. We are impressed by its culture, which stands for a true partnership with its customers, outstanding service levels and compliance to the highest QHSE requirements.
“Building upon this strong foundation, we look forward to being a trusted and reliable partner to management and the current stakeholders in supporting the international growth ambitions of Lubbers.”
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