Primary Acquires MSIS
Primary Capital Partners LLP has acquired a majority stake in fast-growing specialist environmental services and equipment provider, MSIS in a £20 million transaction.
The investment from Primary will help MSIS fast-track its ambitious growth plans by extending its service offering to capture a larger share of the North Sea market and further develop its presence in selected international offshore markets.
The deal sees a profitable exit for Maven Capital Partners, which invested an initial £2.5m in MSIS in 2007. Chief executive, Chris Lloyd and managing director, Ian McPherson will remain to lead the management team who will own 30% of the business.
Since its launch in 1998, MSIS has grown to become an independent and trusted adviser to the offshore oil and gas sector and onshore industrial sectors, offering an increasing range of specialist skills, equipment and services. The company which employs 80 people has a proven track-record in specialist cleaning, waste management and market-leading best practice. Over the last two years, the rapidly expanding company has made substantial investment in equipment and facilities at its bases in Invergordon and Aberdeen.
Chris Lloyd said: “This strategic deal for MSIS will help us accelerate our growth ambitions and opens up new opportunities for our employees. The management team looks forward to working closely with Primary to build upon our strong platform to extend our services and market reach.
“In the currently challenging oil and gas market, this investment allows us to take bold steps towards adding to and developing our high quality services and products which will continue to offer cost effective environmental solutions to our onshore and offshore customers.
“I would also like to pay tribute to our two founder directors Dave Skinner and Jim Macaskill who will be taking a step back from the business following the deal. Both have been instrumental in helping to build MSIS into the successful company that it is today.”
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800