Double boost for EnerMech’s acquisition move

By ERIKKA ASKELAND
Published on 14/12/2012 00:00

ENGINEERING services firm EnerMech is set to hit the acquisition trail following a £25 million private equity injection and the appointment of corporate finance specialist Ingrid Stewart.

The Aberdeen-based company has secured the funding package from Lime Rock Partners and is in the process of raising additional funding from a group of banks, it said.

Stewart, who joins from investment bank Simmons & Company, will spearhead the group’s fundraising and acquisition strategy in her new role 
as corporate development 
director. EnerMech managing director, Doug Duguid, said: “We are entering a new phase of 
international growth which will take the company to the next level.”

Stewart, who has worked with EnerMech’s management since it was formed in 2008, said she was looking forward to “working from the inside of one of the UK’S most exciting and ambitious oil services companies”.

She added: “EnerMech has made no secret of its objective to establish a truly global entity and I will help identify suitable targets and manage the acquisition and integration process.”