Two north-east businessmen have sold their oil service company for tens of millions of pounds.
Ian Suttie and Mark Patterson said yesterday they had sold marine technology firm Nautronix to US private-equity house SCF Partners.
There are now plans to treble the size of Nautronix in the next few years under its new owner.
The exact value of the transaction is not being disclosed, but is understood to be about £50million.
Mr Suttie, whose other business interests include Aberdeen company First Oil, was chairman and majority shareholder of Nautronix.
Mr Patterson, who also had a stake in Nautronix, is re-investing some of the sale proceeds in the firm and will remain as chief executive.
He said: “We have a great team here and I am pleased to say that everyone is staying following this deal.
“It will be very much business as usual.
“I’m very excited about this next stage in the development of Nautronix.
“I have known SCF for many years and have always been very impressed with its track record.
“By working closely with SCF, our management team will build on the success we’ve seen over the last few years. Our aim now is to treble the size of the business over the next five years, and I look forward to taking on this new challenge.”
Nautronix, based at Dyce, in Aberdeen, and which also has a Houston office, has 80 staff and annual turnover of more than £12million.
The firm was set up in Australia more than 25 years ago. Mr Patterson joined the business in 1996 and, six years later, bought it with Mr Suttie for about £18million.
In 2006, Nautronix sold its worldwide defence unit for about £50million leaving the firm focused on its offshore oil and gas business.
Mr Suttie said: “I have been very impressed with the Nautronix management team and this transaction is testament to the great work they have carried out to build a very strong profitable business. With SCF’s strong track record, I’m confident this is an exciting combination which will allow Nautronix to build further within the global subsea market.”
SCF managing director Andy Waite said: “Nautronix has an excellent management team, and a business model and growth strategy that are in line with our investment goals. We believe the market demand for subsea services will continue to grow and are excited for the future of NASNet (Nautronix’s subsea acoustic positioning and navigation system).
“Nautronix is well positioned to take advantage of this opportunity with its transformative technologies in deepwater development.”
Nautronix received corporate-finance advice in the sale from Simmons and Company International and legal services from solicitor Paull & Williamsons. Advisers to SCF included Maclay Murray Spens plus Deloitte, with funding being provided by Lloyds Banking Group.
Other SCF investments include Aberdeen-based Reservoir Group and Aberdeenshire company Triton Group.