Averroes Capital is pleased to announce the buyout of Glacier Energy, a specialist provider of products, services and engineered solutions for energy and industrial markets.
Glacier Energy has a distinguished track record of serving its clients across various sectors including onshore and offshore wind, oil & gas, nuclear and chemicals. The business has also been leveraging its engineering and technical capabilities to support low carbon technologies including hydrogen, carbon capture and energy storage.
Glacier Energy’s core capabilities are focused on heat transfer, machining, welding and testing & inspection specialisms.
The business is embarking on further growth, designed to take advantage of positive market drivers in the energy landscape, in particular the energy transition, energy security initiatives and decommissioning. These trends are driving investments into both low carbon technologies and existing energy sources.
The buyout of Glacier Energy marks Averroes Capital’s second investment, following its maiden investment in Journey Hospitality.
In addition to the buyout, Averroes Capital has also provided Glacier Energy with growth capital to invest in strategic growth initiatives.
The deal has facilitated the exit of Glacier Energy’s existing institutional investors in Maven Capital and Simmons Parallel Energy Fund, who have supported the business since its inception in 2011.
Jack Scott, Investment Diector at Averroes Capital, said: “We are excited by the opportunity to partner with Scott Martin and his team to support the business on its next stage of growth.
“Glacier Energy is seen as a trusted partner to its clients and is well positioned to capitalise on the strong demand for integrated technical expertise in its niches, particularly within renewable and other low carbon energy sectors.”
Scott Martin, Group CEO of Glacier Energy, said: “I am delighted that we secured this investment from Averroes Capital and look forward to working with them to capitalise on the significant momentum we have in the business.
“Glacier Energy is very well placed to play a large role in the energy transition and having access to further investment for the next phase of our journey will accelerate this.
“I would also like to take the opportunity to thank the investors who have now exited the business as part of this transaction and am extremely grateful for the support they provided to me and the team.”
Simon Rowan, Partner at Averroes Capital, said: “Glacier Energy presents an exciting opportunity for our investors to support a well-established and growing platform with a leading reputation in its markets.
“The entire Averroes team has been impressed by the experience and ambition of Scott and the broader Glacier Energy team and we look forward to supporting them.
“We are focused on unlocking attractive investment opportunities through our model of alignment and partnership, backing exceptional management teams, and assisting them on their growth strategy.”
The deal was led by Simon Rowan and Jack Scott, with support from Beatrice Carrara. Simon Rowan and Jack Scott will join the Glacier Energy Board from Averroes Capital.
About Averroes Capital
Averroes Capital invests £15m to £40m of equity into UK and Ireland headquartered businesses operating across a range of sectors, including – business services, industrials, IT & software, healthcare, education and consumer niches. It partners with ambitious management teams to build great businesses through a flexible investment approach to ensure each company has the support and capital to deliver their growth ambitions.
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