Clearwater leads on Greenray MBO

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Greenray have completed a management buyout in a deal advised on by Clearwater Corporate Finance.

Greenray, which is headquartered in Lincoln and also has a site in Aberdeen, provides after-market services to industrial gas turbine users in over 30 countries, as far afield as Brazil, Canada, India and Indonesia.

Its activities support the oil and gas and power generation markets, serving both offshore and onshore equipment, in a market valued in excess of £1.5billion.

The transaction was led by managing director Iain Lister, with support from sales director Neil Langdown and Alison Highet, finance director of Greenray.

A deal team at Clearwater, led by partner Jon Hustler with the support of director Karen Edwards, provided financial advice to the management team.

Greenray, which employs 60 people, was founded in 1981. Turnover is expected to top £20million for the year ending April 2013.

Iain Lister said: “Greenray has seen significant growth in recent years as we have won contracts, both with existing and new customers supported by our OEM partners. The business is now in a fantastic position to move forward.

“We expect further growth in the next five years as demand increases for our services and we are confident about where the business is headed.”

Jon Hustler, partner and head of Clearwater’s industrials team, said: “This is a well-managed high-quality business performing a mission-critical service in frequently difficult conditions. It has established a first-class reputation and looks well-placed to continue its growth under the stewardship of the incumbent management team. We were delighted to work alongside them.”