PRIVATE equity group Primary Capital Partners has paid £20 million for a majority stake in North Sea specialist environmental services and equipment provider MSIS to “fast-track ambitious growth plans”.
MSIS, which has made substantial investment in its plants in Aberdeen and Invergordon over the past two years, said the financial backing of Primary Capital Partners would also allow it to further develop its presence in international offshore markets.
The deal marks a profitable exit for Maven Capital Partners, which invested an initial £2.5m in MSIS in 2007.
MSIS chief executive Chris Lloyd and managing director Ian McPherson will stay on to lead the management team, who will own 30 per cent of the business.
Since its launch in 1998, the company has become an adviser to the offshore oil and gas sector and the onshore industrial sector. The group employs 80 people and has a growing position in specialist cleaning and waste management.
Lloyd said: “This strategic deal for MSIS will help us accelerate our growth ambitions and opens up new opportunities for our employees.
“In the currently challenging oil and gas market, this investment allows us to take bold steps towards adding to developing our services and products which will continue to offer cost-effective environmental solutions to our onshore and offshore customers.”
Two founder directors of the business, Dave Skinner and Jim Macaskill, are stepping back from the operation following the deal, the former retiring and the latter providing some consultancy work.
Primary Capital said: “We are delighted to back an exceptional management team to deliver a strategic plan of organic growth, acquisitions and international expansion.”