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North east firm to create jobs

Fathom to double after Maven backs £4m MBO

An underwater engineering company in northeast Scotland has been acquired by its management in a deal backed by private equity company Maven Capital Partners.

Management has raised £4.25 million for a majority stake in Fathom Systems which has doubled its payroll to 36 since it was formed in 2005 and hopes to double again over the next two years.

Managing director, Gareth Kerr, will remain in position at the £5m-turnover company which works in the subsea engineering sectors and is headquartered in Portlethen, south of Aberdeen.

He said: “The Maven deal has come at a perfect time for Fathom Systems. Over the past year the business has doubled its turnover and staff, and similar growth is expected over the next two years. We have built a strong brand since the company’s formation in 2005 and this will be the foundation for the next phase in our development.”

Fathom recently moved operations to larger premises to provide capacity for growth. Maven’s funding will be used to help the business grow internationally and expand the product line into other high-end engineered systems.

The deal is the ninth completed by Maven this year following its investment in a number of fast-growing small firms including the global cycling apparel brand Endura, chromatography solutions business Crawford Scientific, and IT support services specialists ISN Solutions.

Jock Gardiner, partner at Maven, said: “We are very impressed with the development of Fathom Systems to date. The transaction represents an excellent opportunity for our client funds to invest at an attractive price in a strong brand which truly has unique engineering solutions highly valued within its industry.”

 

 

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