Aberdeen firm ATR Group said yesterday it was looking to invest further in its rental fleet and fast-track plans for overseas growth after a £20million-plus equity and debt financing deal.
It was led by NBGI Private Equity, launched 12 years ago with a particular focus on investments in established businesses in the UK and Ireland, and Clydesdale Bank.
The deal marks NBGI’s first foray into the oil and gas industry.
ATR, an oil and gas service firm turning over more than £117million annually and employing 100 people, and NBGI did not disclose the size of the private-equity investor’s “majority” stake.
Nor did they reveal how much Maven Capital Partners, which has exited the business after leading a management buy-in about five years ago, was paid for its stake.
ATR said its management team – led by chief executive Keith Moorhouse, who is re-investing in the business, and chief financial officer Mike Robertson – had the backing of NBGI.
Mr Moorhouse said: “Maven’s investment in 2007 allowed us to take forward our growth plans, providing the necessary capital and expertise.
“Since then and despite a challenging economic climate, we have rapidly grown the business; expanding our client base, fleet and global footprint.
“As we enter a new exciting stage of growth, with the right foundations in place, we welcome the investment by NBGI.
“It will enable a step-change in our investment plans for the fleet and allow us to explore opportunities for future acquisitions.”
NBGI investment director Lawrence Dean, who has joined the ATR board, said: “We are delighted to be supporting the senior management team and looking forward to working in partnership to take the business to the next level, exploiting the strong growth potential.”
Maven said the deal meant “another profitable exit” from an energy service firm for its client funds and allowed ATR to continue its ambitious growth strategy.