Managing director Paul Mason and finance director Scott Bushby are leading a management buy-out (MBO) of subsea oil and gas-focused engineering company Rimor.
The duo are receiving support from mid-market private equity firm LDC and will now lead a site expansion in the UK as well as potential growth overseas.
Based in Hampshire, Rimor provides manufactured products to sub-sea equipment manufacturers. According to LDC, the deal forms part of its strategy to invest in ‘leading’ mid-market businesses. It is the third LDC deal in a week following the backing of Node4’s MBO and re-investment into MB Aerospace.
Martin Draper, LDC’s regional managing director, says that the Rimor deal is the eleventh transaction from its specialist engineering and manufacturing initiative, reaffirming its long-term approach to the sector.
>He adds, ‘Rimor is an impressive business led by a high-calibre management team, with a growing reputation for their supply of innovative subsea engineering solutions.’
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As part of the deal, LDC investment directors Steve Aston and Matt Newbold will be joining the board of Rimor with immediate effect. To complement the existing management team, Alan Wilson, formerly of Trelleborg Offshore, Weir Group and Aker Kvaerner, is joining as as non-executive chairman.
Mason comments, ‘LDC’s investment and support brings additional strategic input and financial backing to our business and will help us to deliver our ambitious growth plans.
‘As well as increasing the pace of organic growth in our core oil and gas engineering services operations, we are keen to broaden our service offering and position the business with new customers both here in the UK and overseas.’
