Expansion for north east company
Subsea firm secures £1.5m from loan fund
The investment in the three-year-old Aberdeen firm will allow it to develop its engineering design asssembly capability on Teesside and in north west Spain. It is led by Scott MacKnocher and Paul Lavelle, who have a combined 50 years experience in the subsea sector.
Subsea activity largely unaffected by changes in the oil price because of the need to maintain equipment and comply with regulatory requirements.
Since 2011 the SLF has committed more than £50m to businesses throughout Scotland to help them achieve their business plans and facilitate the next stage of growth.
Chris Cooper, Investment Manager at Maven Capital Partners which manages the fund, said: “Ennsub is an excellent example of a business with market leading technologies which is ideally suited to take advantage of the flexible long term capital the Scottish Loan Fund can provide.
“Scott and Paul have a wealth of experience in the subsea sector and have a proven track record of innovation and design excellence. We are delighted to be able to provide them with SLF funding which is a perfect fit for what the business is trying to achieve and support then with their strategic growth plans.”
Mr MacKnocher, Ennsub’s managing director, added: “We are very pleased to have secured this funding package aimed at supporting Ennsub through its next stage of growth and one which allows us to capitalise on the foundations we have laid over the past two years, particularly in terms of developing industry-leading technologies which meet the needs of our customers.
“We are confident that the subsea-industry as a whole is moving into a phase where innovation and efficiency are key drivers and such an environment is one in which Ennsub can thrive”.
Johnston Carmichael acted as lead advisors to Ennsub. Financial due diligence was conducted by Eagle Orchid, legals by Pinsent and Masons and insurance by Lockton.