John Lawrie Group has been acquired by its management in partnership with Rubicon Partners and Grovepoint as it gears up for an expansion in the UK and US.
The metal reprocessing, tubular supply and decommissioning company was founded in 1930 by metal merchant John Lawrie in Aberdeen, and still has its headquarters in the city. It has bases in Montrose, Evanton near Invergordon, and Houston in the US.
Four members of the group’s management team, and existing shareholders - Vic Sinclair, CEO; Charlie Parker, financial director; operations director, Dave Weston; and tubulars director, Iain Laing - have bought out the majority shareholder in partnership with Rubicon Partners, a leading industrial investor, and principal investment firm Grovepoint.
Bank of Scotland and Santander have together provided banking facilities to support the acquisition.
John Lawrie has three divisions providing metal recycling and reprocessing, decommissioning, and steel tubular services to the oil and gas, construction and utility sectors in the UK and from its US bases in Houston, New Jersey and Philadelphia. Opportunities for growth have been identified across the three divisions.
Sinclair said: “The commitment of the senior management team has helped make John Lawrie the industry leader it is today. We enter this exciting new era as a financially strong and ambitious business backed by new investors who will help us drive further organic growth in both the UK and USA across all three of our divisions. We also intend to pursue new markets, including through acquisitions, in this partnership with Rubicon and Grovepoint.”