Qedi bosses share £33m from Amec

Published on Saturday 19 February 2011 21:39

THE owner-managers of an Aberdeen-based oil services company are sharing a £33 million windfall after it was sold to international engineering group Amec.

The founders of Qedi - Alf Gordon and Martyn Canham - along with group managing director Stuart McLeod, are among five main shareholders who will benefit from the deal. A number of other senior managers at the company who own smaller stakes will also receive cash from the sale.

Under the terms of the takeover, 29m has been paid initially with the balance to be issued over the next two years.

Following the company's acquisition, Gordon and non-executive director Fasih Rehman - also one of the main shareholders - have stepped down from the senior management team but the rest of the executives responsible for the day-to-day operations will remain with the Aberdeen team.

Founded in 1987, Qedi now employs more than 350 people providing project delivery services to oil companies in the UK, the Gulf of Mexico, the Middle East, the Caspian Sea and Australia. According to figures released in October, the company has seen turnover rise from 10m to 48m over the past five years with the figure for 2011 expected to top 60m.

Much of the dramatic growth has been attributed to the success of its project management software product used in the construction and commissioning of oil installations.

McLeod, who joined the board of Qedi in 2005 after the firm bought an oil and gas electrical instrumentation business he established in 2000, said he was delighted with the acquisition by Amec.

"It allows us to gain access to Amec's global networks and customer relationships, retain our independent position and cement our market-leading position," he said.

"We are already working with Amec on a number of projects, which has made clear what a great opportunity this is for Qedi, Amec and our combined customer portfolio."

McLeod said the deal was struck as investment in the oil industry showed strong growth with capital expenditure globally expected to rise by 12 per cent this year to over $360 billion (220bn).

Neil Bruce, chief operating officer of Amec, said Qedi's specialist technology means the company was now able to provide services across the whole life-cycle of a project and "reinforces our excellent track record through commissioning into operation".

Advisers from Simmons & Co in Aberdeen acted for Qedi shareholders during the sale and managing director Nick Dalgarno said they had done a "fantastic job" in establishing the company and its software as the industry standard in the sector."Amec is a natural purchaser for the business and will provide Qedi with a global platform to accelerate the company's growth."

Amec, which focuses on the energy, natural resources and water sectors, has annual revenues of more than 2.5bn and employs 23,000 people in around 40 countries worldwide.