Investors come in
FIS Chemicals plans expansion following MBI
A chemicals manufacturer will be expanding in Aberdeen following a management buy-in backed by private equity.
London-headquartered investment manager Foresight Group and the Glasgow-based private-equity house Maven Capital Partners have each invested £2 million to take a 40% stake in FIS, while management retains 20% of the business.
FIS Chemicals had been owned by long-serving boss Tom Cummings, who joined the business in 1981, the year after it was founded. It employs 17 staff at its base in Bucksburn, and plans to add a further 10.
The company, which develops and manufactures a range of specialist chemicals used by clients in the energy, utilities and marine sectors, is now looking to expand into new territories, particularly the Far East and Middle East.
The buy-in team was led by Kenny Woods, who joined FIS in June and has extensive experience of the chemicals sector. Derek Mathieson, former chief marketing and technology officer at Baker Hughes, joins as non-executive chairman, while Gordon Davidson, who worked at Maven, will be finance director.
Mr Woods said: “We will be focused on continuing to supply green, quality products to our extensive customer base whilst bringing new technology and solutions to the global market.”
Tom Faichnie of Dow Schofield Watts Aberdeen provided corporate finance advice to the vendor and initiated the deal.