RenQuip, a manufacturer of hydraulic and mechanical equipment, has been acquired in a management buy-out.

Managing director Marc Gerrard and technical director John Morgan assume full control of the Aberdeen-based company.

Both have been instrumental in RenQuip’s development since its launch in 2022 and bring more than 50 years combined technical and managerial experience in the energy engineering sector. 

The company has 13 employees and serves clients across the offshore energy, decommissioning, renewables and utilities sectors. 

Mr Gerrard said, “This is a pivotal moment for RenQuip. With the new ownership structure in place, we are well-positioned to strengthen our offering, continue delivering innovative engineering solutions, and expand our presence across key markets. 

“We’re excited to introduce new product lines through our in-house manufacturing capabilities. The future is very promising, and we’re seeing increasing opportunities not just in the UK but globally.” 

The management team was advised by Ledingham Chalmers and Armstrong Watson, while Indigo 7 Ventures provided financial backing.