The two founders of Aberdeen company, Gas and Oil Technology (GOT), have sold their stakes in a deal worth millions of pounds.
Clydesdale Bank announced yesterday it had provided funding for the management buyout (MBO), which sees Terry Henderson and Graeme Olley give up shareholdings for the energy service firm they jointly set up in 1992.
Both Mr Henderson and Mr Olley will continue in a consultancy capacity, Clydesdale said.
Director Warren Anderson, who has been with GOT for 13 years has taken overall control and will now lead GOT’s future strategy, building on its current role in a buoyant oil and gas services market.
The exact value of the deal was not disclosed, but it is thought to be worth not more than £10million.
Mr Anderson, 31, said; “This is an exciting time for GOT. With a strong market here in the north-east, it is an ideal time for the business to look to the future.
“With Terry and Graeme’s help GOT has built an impressive portfolio of clients, and I am delighted they will continue to have an active role in the business.”
Jamie Ritchie, Clydesdale’s Aberdeen-based specialist and acquisition finance director, said: “GOT has experienced continued growth since establishing in the early 1990s, when supply chain management was a crucial issue in dealing with almost $10 oil. In today’s $130-plus oil climate, when both people and equipment costs are soaring, supply chain management is still critical to the competitiveness of the UK Continental Shelf.”
He added: “GOT has excellent prospects for sustainable organic growth and is well positioned to capitalise on the current market conditions.”
GOT provides the onshore and offshore energy industry with service and supply chain management. Its range of mechanical, engineering, safety and maintenance products, is aimed at reducing complexity and cost.