Crondall Energy has undergone a management buyout with almost 30 staff members taking an ownership stake in the independent offshore energy consultancy.
The MBO sees founder Duncan Peace retain a minority stake in the company as he prepares to retire from full-time executive involvement, whilst retaining a non-executive position on the board. He originally was the majority shareholder prior to the buyout.
Led by managing director Anna-Louise Peters, who now holds the largest share in the company, 29 staff now own a share of the business as it embarks on the next stage of its journey. No one person now holds a majority share in the company.
Founded in 2001, Crondall Energy provides strategic, commercial and technical services for offshore energy projects in the UK and around the world, specialising in floating and subsea facilities.
The leadership team at Crondall Energy has long favoured shared ownership of the business as a core component of its ethos; prior to this transaction, 18 directors and employees held shares or options.
The business has a 55-strong workforce based in Southampton, Aberdeen, London, Glasgow, Newcastle, Singapore and Houston.
Crondall Energy opened two new offices last year and increased its headcount by a quarter, bringing in staff to work on renewable energy projects, energy transition and technology development.
Ms Peters said: “This is an incredibly exciting and natural next step in Crondall’s evolution. The management team has seen an opportunity to continue the Crondall Energy brand and legacy, capitalising on the fantastic culture and working environment we have created, and continue our development as an independent consultancy firm. We believe that the current market environment creates real opportunity for further growth, particularly in the energy transition and renewables spaces, and that has the potential to create exciting career and development opportunities for the whole team, alongside return for the shareholders.”
Mr Peace said: “I am delighted that the future of the company remains in the hands of the management and employee shareholders. The management team under Anna-Louise have shown outstanding leadership both in the development of the business over the last few years – and in the implementation of this MBO. The business is now well positioned to continue the growth journey and deliver on our diversified energy strategy. I look forward to continuing to support the management team through my continued participation on the Board.”
PKF Francis Clark acted as lead advisors on the management buyout process, including feasibility studies, securing funding and deal structuring. The Crondall Energy buyout was funded by a flexible debt facility from ThinCats, with legal advice provided by Foot Anstey.
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