Directors at energy services company Greenray have completed a management buyout in a deal advised on by Clearwater International.
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. Greenray, which employs 60 people, was founded in 1981. Turnover is expected to top £20million for the year ending April 2013.
“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.”