Energy firm exit

RMEC sale to Centurion nets big gain for Maven investors

Ewan MacKinnon: good return

Energy services specialist RMEC Group, based in Forfar, has been sold to the Aberdeen company Centurion Group for an undisclosed sum.

RMEC is a provider of managed solutions for the oil & gas intervention and decommissioning sectors.

Maven Capital Partners said that exiting RMEC, eight years after leading a management buy-out, generated a 2.26x blended return for its investors.

The MBO was funded by the Maven VCTs and through Maven’s co-investment network for professional clients, Maven Investor Partners.

This saw Bryan Fagan join the business as managing director while Ian McPherson was appointed chairman. He was previously MD at MS Industrial Services and Nessco, portfolio companies from which Maven had exited for a money multiple return of 3.5x and 3.7x respectively.

Despite the oil and gas downturn in 2015-16 and the recent Covid pandemic, RMEC has continued to perform strongly, adding a number of customers and agreeing long term master service agreements with key North Sea operators and service companies.

Mr Fagan said: “As part of Centurion, we look forward to the increased global reach our business will have, and serving our customers in the decommissioning industry and beyond with even greater access to safe, efficient, and sustainable equipment solutions.”

Ewan MacKinnon, partner at Maven, added: “The sale of RMEC represents a good return for our investors. The business has performed well during the time of our investment and the work Bryan and his senior team have put in to transitioning RMEC into a larger and more valuable company has been impressive.”

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.