Private equity group backs Walker Technical MBO

CHIEF executive Willie Rennie has led a "seven-figure" management buy-out at Aberdeen-based offshore engineering firm Walker Technical, backed by Gresham Private Equity and HSBC.

Rennie - alongside technical director Simon Frost, managing director John Brothcie and operations director Ewen Robertson - will today unveil plans to grow the business' headcount from 45 to 55 as they build on the 60 per cent rise in turnover to 6.5 million in the past year.

ICR Integrity - a new vehicle set up by Rennie, who led the management buy-in at Walker Technical in 2009, backed by Maven Capital Partners - will now target other businesses in the integrity, corrosion and repair sectors.

Gresham Private Equity partner Iain Wolstenholme said: "We've been looking to invest in the integrity, repair and maintenance niche of the energy sector for some time and we're delighted to be backing this talented management team."

Under the deal, Wolstenholme and fellow Gresham partner Andy Marsh will join ICR's board, with existing non-executive director Bob Forbes also staying on. Gresham backed the MBO of support services group Swift Technical in 2006 in what was reported to be a 21m deal.