Aberdeen-headquartered engineer set to gain speed after restructure and refinancing deal
Aberdeen-headquartered specialist engineering firm Nucore Group has completed a restructure and refinancing deal that has attracted fresh investment to pursue its “ambitious” growth strategy.
The firm, which provides safety products and services for hazardous environments, will be – with the continued support of Beechbrook Capital – investing in people, research and development (R&D), systems and its rental fleet to support its growth and diversification into new sectors and geographical markets.
Nucore will continue to hire as it opens an office in Dundee as well as targeting opportunities in the renewables sector and in Australia and Africa, with the firm having created 17 jobs in recent months, including apprenticeships and graduate roles.
It said the restructure is the culmination of an integration and re-branding programme to position it as a leader in engineering services for hazardous environments in the energy industry globally.
Nucore Group provides safety-critical products, services and support – from design, manufacture and maintenance to installation and commissioning.
Mike Bryant, an operating partner introduced by Beechbrook, has joined the business to drive the new phase of growth. He said: “This restructure and investment means that Nucore is well-funded and well-placed for growth. It builds on the progress already made in integrating the products, services and synergies of the group’s businesses to deliver innovative engineering solutions that give us a competitive edge.
“As we diversify into new geographic markets and into new sectors, we’ll be investing in the building blocks for growth, be that more people, enhanced systems, R&D as well as our rental fleet. There are exciting opportunities ahead and we’re committed to playing our role in the energy transition and actively seeking to transfer our decades of oil and gas experience and know-how into renewables and new markets overseas.”
Nucore chief executive Mark Fraser led the restructure and refinancing and stepped down at completion. Beechbrook join Lonsdale Capital and senior management as shareholders of the business.
Beechbrook Capital, a specialist direct lender founded in 2008, invests in small and medium-sized enterprises across a range of industries in the UK and across Europe. To date, it has injected funds into more than 75 companies in the European lower mid-market.
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