The owners of Aberdeen firm Containental Offshore have benefited to the tune of more than £10million after the acquisition of the business by investors led by London-based private equity firms Lansdowne Capital and Claver Capital.
Managing director David Nightingale and director Peter Coy have, however, invested a substantial but undisclosed sum back into the business and will be staying with the firm.
The company, based at Pitmedden Road Industrial Estate, Dyce, provides high-specification containers and cargo-carrying units to the offshore oil and gas industry.
The acquisition is said to provide a strong and secure financial base for Containental to further expand its fleet of more than 2,500 rental units.
The deal will also enable the company to develop overseas while extending its product offering into related offshore oil and gas services and equipment.
Containental, which employs 14 staff, said it expected to increase its workforce considerably over the next few years through organic growth and acquisition.
Mr Nightingale said: “We are excited to have Lansdowne Capital and Claver Capital working with us on the further development of the business.
“This sizeable investment by leading international financial experts will allow us to accelerate our expansion and build on the successes of recent years, both in our domestic and international markets.
“We have invested significantly in our rental fleet and have also built a strong bespoke container design and manufacturing business that has exceeded all expectations. We now export to customers in locations such as Australia, Asia, Africa and the Americas.”
Containental represents Lansdowne Capital’s first investment in an oil services company, but the firm has had success in related sectors and believes in the potential for growth of logistics businesses in the oil services sector. Lansdowne chairman Alan Dargan said: “We identified in Containental Offshore an excellent opportunity to support experienced management to expand their global reach and attain their full potential.”
Royal Bank of Scotland Structured Finance provided acquisition and working capital facilities in support of the deal.