North-east specialist engineering firm R&M Engineering has received a £5million cash injection from a private equity firm.
Maven Capital Partners’ Aberdeen energy services team has taken a majority stake in the Huntly business, with the remainder left in the hands of the firm’s management team.
R&M is a provider of integrated engineering and fabrication services to the oil and gas sector.
The firm, which employs 68 staff, recorded turnover of £13.8million in the year ended 31 December 2012.
R&M founder and chairman Robbie Mackay will continue to support the business as a non-executive director along with the company’s current managing director Alan McLean and finance director Ronnie Mackay.
“R&M provides specialist manufacturing and engineering solutions to the oil and gas sector which are in demand globally,” said Maven partner Jock Gardiner.
“With the senior management team’s extensive industry experience and contacts, we expect R&M to continue to exploit new opportunities both in the North Sea and overseas. We look forward to working with the R&M team to drive the business’ undoubted growth potential.”
Mr Mackay said the partnership would enable the expansion and growth of the business.
Maven Capital Partners manages around £300million of assets for a variety of client funds.
Investment in R&M Engineering marks the sixth deal completed by the fund’s Aberdeen energy service team in 2013.
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