• ATR
• 01/03/2012

NEW INVESTORS TO FAST-TRACK GLOBAL GROWTH OF ATR GROUP

NBGI Private Equity has completed its first oil and gas transaction with a major investment in leading oil and gas rental services business, ATR Group.

An equity and debt financing package of over £20 million led by NBGI, supported by the Clydesdale Bank, will enable the Aberdeen-based group to further invest in its rental fleet and fast-track its international growth.

A market leader in the rental of specialised tools and equipment for the offshore oil and gas industry maintenance market, ATR Group has flourished since the management buy-in over four years ago led by Maven Capital Partners. The company now boasts a turnover in excess of £17million and 100 employees.

NBGI has backed ATR Group’s existing management team led by Keith Moorhouse, who is reinvesting in the business, alongside Operations Director Mike Robertson and newly appointed Chief Financial Officer, Euan Leask.

Commenting on the investment, Mr Moorhouse, Chief Executive of ATR Group said: “Maven’s investment in 2007 allowed us to take forward our growth plans, providing the necessary capital and expertise. Since then and despite a challenging economic climate, we have rapidly grown the business, expanding our client base, our fleet and our global footprint. As we enter a new exciting stage of growth with the right foundations in place, we welcome the investment by NBGI which will enable a step-change in our investment plans for the fleet and allow us to explore opportunities for future acquisitions. This will in turn allow us to offer an enhanced service to clients.”

Lawrence Dean, Investment Director of NBGI, who joins the ATR board added: “ATR’s market-leading position and robust financial standing provide a strong platform for organic and acquisition-led growth. We are delighted to be supporting the senior management team and looking forward to working in partnership to take the business to the next level, exploiting the strong growth potential.”

Jock Gardiner, partner at Maven concluded:

“This is another profitable exit from an energy services business for Maven client funds and allows the ATR management team to continue its ambitious growth strategy. We have enjoyed working with Keith and the rest of the team since 2007 in what has been a period of considerable development for the business. We wish the team all the very best for their next exciting stage of growth.”

Advisers in the deal included Campbell Dallas, Johnston Carmichael, Dundas & Wilson, Paull & Williamsons and PWC.