Clearwater Corporate Finance’s Debt Advisory team has raised bank funding to support the multi-million pound Management Buy-Out of Rimor, a worldwide supplier into the global sub-sea oil and gas industry. Management were backed by private equity house LDC.
The company, based in Denmead, Hampshire, employs 123 staff and is a market leader in the supply of complex, high-precision components, technical fabrications and complete assemblies, predominately to the capital equipment sub-sea, deep water oil and gas market. Clearwater’s debt advisory team was led by Partner Mark Taylor and Assistant Director Chiara Pettinicchio.
Mark Taylor said: “Rimor’s unique capabilities, highly-skilled workforce and strong track record of capital investment have resulted in the company becoming a pre-eminent supplier in its field.”
The bank funding was provided by Yorkshire Bank’s Birmingham office.
“Manufacturers of major equipment used in the oil and gas industry are increasingly pursuing a strategy of outsourcing non-core production. Rimor is already benefitting from this strategy and is enjoying an increase in orders from existing customers driven by growth in global spend.”
“With growing worldwide demand for energy and the need to extract oil and gas from deeper water and more extreme environments, prospects for the sector as a whole look very positive. Under the stewardship of a first-rate management team, this puts the business in an excellent position to deliver significant growth in the future.”