Sub-sea construction company Subocean Group has received £42 million in one of Scotland’s biggest private equity deals this year.
Sub-sea construction company Subocean Group has received £42 million in one of Scotland’s biggest private equity deals this year.
LDC, the private equity arm of Lloyds Bank, invested £17 million of equity in the funding round, which Subocean will use to increase its turnover from £70 million to a planned £300 million by 2014. A further £25 million was provided by HSBC Bank.
Says MD John Sinclair, ‘We are now working on over 50 per cent of offshore wind farm projects currently under construction in UK waters. With an order book standing at £150million, we have strong foundations for our ambitious growth.’
Sinclair adds that the new investment will help Subocean expand its existing offshore wind operations, invest in the latest equipment and further develop its service offering in both the renewable sector, where it earns over 75 per cent of its revenues, and the oil and gas market.
