A North-east marine equipment specialist has secured a multi-million-pound private investment as it heads out on an ambitious growth path.
Motive Offshore Group, which is headquartered in Boyndie, Banff, with additional offices in Aberdeen, Houston and the Middle East, was launched in 2010 by James Gregg and Dave Acton. It specialises in the manufacture, rental and inspection of equipment to the onshore and offshore oil and gas and marine industries.
The firm has agreed a deal with EV Private Equity which will result in a multi-million-pound investment into the business to allow accelerated growth in the emerging oil, gas and marine market. It will see EV take a stake in the business and two positions on the board.
Acton said: “We have been in discussions with EV for the past 12 months and we are excited about the future of Motive as we move forward together with the investment and the expertise that they bring to the board.
“We have succeeded to come through difficult times in recent years and we are now in a very strong position to accelerate our growth strategy. This deal gives us the opportunity to build on our rental fleet to deliver new products and services and to open bases in additional geographical locations.
“We are firmly on the acquisition trail for companies that complement our supply and would demonstrate scalability and access to new regions and a wider client base.
“We are actively in early discussions with around 30 UK and international businesses with a focus on becoming the key global supplier for back deck equipment.”