Aberdeen-based Containental Offshore has been acquired by an investor group led by London-based private equity firms, Lansdowne Capital and Claver Capital.
The company provides high-specification containers and cargo carrying units to the offshore oil and gas industry and the acquisition, which valued Containental Offshore at in excess of £10 million, provides a strong and secure financial base for it to further expand its fleet of over 2,500 rental units.
The deal was backed by debt funding arranged by the Royal Bank of Scotland (RBS).
Containental Offshore’s management team of David Nightingale and Peter Coy, will remain with the business and are reinvesting as part of the transaction.
The move will also enable the company – based at Pitmedden Road Industrial Estate, in Dyce – to develop into further overseas’ regions while also extending its product offering into related offshore oil and gas services and equipment.
The company – which currently employs 14 staff – also expects to increase its workforce considerably over the next few years as it grows both organically and through further acquisition.
Containental Offshore’s Managing Director, David Nightingale said: “We are excited to have Lansdowne Capital and Claver Capital working with us on the further development of the business. This sizeable investment by leading international financial experts will allow us to accelerate our expansion and build on the successes of recent years, both in our domestic and international markets.
“We have invested significantly in our rental fleet but we have also built a strong bespoke container design and manufacturing business that has exceeded all expectations. We now export to oil service customers in locations as diverse as Australia, Asia, Africa and the Americas.
“This growth has been driven by the broadening acceptance of high specification DNV 2.7-1 / EN 12079 industry standard equipment by the upstream oil industry and an ever increasing variety of cargo being transported to offshore installations.”
Mr Nightingale added that the recent acquisition provides the resources necessary to substantially grow the business through a combination of capital investment, rolling out new services and further acquisitions both in the UK and overseas.
Containental Offshore represents Lansdowne Capital’s first investment in an oil services company, but the firm has had excellent success in related sectors and believes that a number of important trends support the potential for growth of logistics businesses in the oil services sector.
Lansdowne Capital’s Chairman, Alan Dargan said: “We have previously supported a number of successful investments in the packaging and distribution sectors, and identified in Containental Offshore an excellent opportunity to support experienced management to expand their global reach and attain their full potential.”
RBS Structured Finance provided acquisition and working capital facilities in support of the deal.
Stuart Roberts, Head of Structured Finance with RBS in Aberdeen, said: “This is a great deal for all parties involved. David and Peter both have significant oil and gas industry experience and stand to benefit not only from the injection of new capital, but also the ideas and experience that will be brought to the table by these ambitious private equity sponsors.”
The company provides high-specification containers and cargo carrying units to the offshore oil and gas industry and the acquisition, which valued Containental Offshore at in excess of £10 million, provides a strong and secure financial base for it to further expand its fleet of over 2,500 rental units.
The deal was backed by debt funding arranged by the Royal Bank of Scotland (RBS).
Containental Offshore’s management team of David Nightingale and Peter Coy, will remain with the business and are reinvesting as part of the transaction.
The move will also enable the company – based at Pitmedden Road Industrial Estate, in Dyce – to develop into further overseas’ regions while also extending its product offering into related offshore oil and gas services and equipment.
The company – which currently employs 14 staff – also expects to increase its workforce considerably over the next few years as it grows both organically and through further acquisition.
Containental Offshore’s Managing Director, David Nightingale said: “We are excited to have Lansdowne Capital and Claver Capital working with us on the further development of the business. This sizeable investment by leading international financial experts will allow us to accelerate our expansion and build on the successes of recent years, both in our domestic and international markets.
“We have invested significantly in our rental fleet but we have also built a strong bespoke container design and manufacturing business that has exceeded all expectations. We now export to oil service customers in locations as diverse as Australia, Asia, Africa and the Americas.
“This growth has been driven by the broadening acceptance of high specification DNV 2.7-1 / EN 12079 industry standard equipment by the upstream oil industry and an ever increasing variety of cargo being transported to offshore installations.”
Mr Nightingale added that the recent acquisition provides the resources necessary to substantially grow the business through a combination of capital investment, rolling out new services and further acquisitions both in the UK and overseas.
Containental Offshore represents Lansdowne Capital’s first investment in an oil services company, but the firm has had excellent success in related sectors and believes that a number of important trends support the potential for growth of logistics businesses in the oil services sector.
Lansdowne Capital’s Chairman, Alan Dargan said: “We have previously supported a number of successful investments in the packaging and distribution sectors, and identified in Containental Offshore an excellent opportunity to support experienced management to expand their global reach and attain their full potential.”
RBS Structured Finance provided acquisition and working capital facilities in support of the deal.
Stuart Roberts, Head of Structured Finance with RBS in Aberdeen, said: “This is a great deal for all parties involved. David and Peter both have significant oil and gas industry experience and stand to benefit not only from the injection of new capital, but also the ideas and experience that will be brought to the table by these ambitious private equity sponsors.”
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