Aberdonian entrepreneur Jim Shiach has tightened his grip on energy services company Centrifuges Un-limited.
And having just completed his management buyout (MBO) of the business he founded 13 years ago, he is now focused on international expansion opportunities.
Centrifuges Un-limited, which is based in Howe Moss Terrace within the Kirkhill Industrial Estate at Dyce, specialises in the design, manufacture, installation and maintenance of centrifuges and related equipment for offshore oil and gas operations.
Very few details of the MBO have been revealed.
But Clydesdale Bank said it supported the move, which has coincided with a restructuring of the company to form new heat transfer and mechanical separation divisions.
The bank added the business would now be “fully overseen” by its managing director, Mr Shiach, leading a team of 30 staff as the company invests in new ventures in the Middle-East, the Americas and Asia.
Mr Shiach could not be contacted yesterday but said in a statement: “Diversifying our offering over the years means we have developed strong customer bases across industries and in different countries.
“Our recent move to Dubai marks our commitment to continued growth and to taking on new markets.”
The undisclosed financial package for the MBO was put together by Andy Tait, director for Clydesdale Bank’s specialist and acquisition finance team in Aberdeen.
Mr Tait said: “It’s great to see a company like Centrifuges Un-limited move from strength to strength in a sector not without its challenges.
“Being able to diversify has meant the company can continue to grow, bringing further employment and contributing to the economy.
“We understand the opportunities and challenges faced by the industry and we are perfectly placed to help businesses in the oil and gas sector to realise their growth ambitions.”
Centrifuges Un-limited’s international growth plans have been supported this year by its presence at the Offshore Technology Conference in Houston, Texas, and trade missions to the Middle East.
Abbreviated accounts for the business, common for smaller UK companies, give no annual turnover.
Four years ago, the firm announced the figure had broken the £3million mark, with nearly one-third of its sales notched up in overseas markets including Norway, Africa, Brazil and the Middle East.
Its MD is the great grandson of legendary Aberdeen businessman Alex “Cocky” Hunter, who traded second-hand goods from his city-centre stores.
Mr Shiach was just 21 when he launched his first business venture, JS Electrical, in 1981.
In 2002, he saw a gap in the marketplace for a consultancy in the energy sector and launched Solids Control Electrical Services. Centrifuges Un-limited was set up a year later.
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