Red7Marine Group Limited has announced an investment in the Group by Perwyn Limited, a private equity investor. The acquisition of an interest in the Group by Perwyn is concomitant with a substantial injection of new capital to enable Red7Marine to acquire additional assets to service its clients in the offshore renewables, and oil & gas markets.
The transaction was supported by RBS and will also be enhanced by the provision of a further facility from a leading asset based lender. The total enterprise value of the transaction is c. £65 million.
Red7Marine is a leading provider of offshore and inland marine support services to the oil & gas, offshore renewables and civil engineering industries. Headquartered in Wrabness, Essex and Great Yarmouth, Norfolk, the Company operates from 8 locations across the UK providing specialist equipment, divers and engineers to construct and maintain critical energy related infrastructure assets, ranging from the largest offshore wind farms, to subsea oil & gas production and decommissioning.
Martin Spurr, Group Chairman of Red7Marine commented:
“We are delighted to have attracted investment from Perwyn who have recognised the market opportunities within the offshore energy and construction sectors and we are very excited to be able to accelerate Red7Marine’s growth plans through expansion of our specialist operated marine plant and services divisions. We very much look forward to working with our new partners at Perwyn and to the exciting future ahead.”
Andrew Wynn, Partner of Perwyn Ltd . commented:
“We are delighted to be partnering with management to accelerate the growth of Red7Marine, an outstanding business with tremendous opportunity to build on its position in offshore renewable and oil & gas markets. We look forward to bringing Perwyn’s industry experience to bear as Red7Marine enters its next phase of development.”
Robert Auerbach, Head of Mergers & Acquisitions at WH Ireland, adviser to the Group and shareholders of Red7Marine , commented:
“Red7Marine is an exceptional business, whose founders have delivered a strong track record of growth, increasing revenues organically from under £6 million to over £40 million in the last five years. Partnering with Perwyn gives Red7Marine the financial resources to capitalise on immediate opportunities in the offshore renewables and oil & gas markets, to deliver the next step-change for the customers and shareholders of the Group.”
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Press release, December 16, 2013; Image: Red7Marine