UK well services firm RMEC has received an investment of $12.5 million from private equity firm Maven Capital Partners, the firm reported Thursday.
Forfar, Scotland-based RMEC specializes in the manufacture, maintenance, repair, testing, recertification and rental of well services equipment for the oil and gas industry.
The investment in the firm, which employs 20 staff, is aimed at fast-tracking its growth in the North Sea region, expanding its rental fleet and developing its workshop and storage facilities.
The investment comes as Bryan Fagan joins RMEC as its new managing director. Fagan, an Aberdeen University chemistry graduate, was formerly part of the management team that sold Dominion Gas to Praxair in May 2013.
"There is a major opportunity for RMEC to capture a significant slice of a rapidly growing market and our investment will ensure that the company is well positioned to do so. This transaction underlines our ability to forge relationships with companies that result in strengthened management teams which are capable of delivering strategic development and operational growth," Jock Gardiner, a partner in Maven, said in a statement.
"This is Maven Aberdeen's seventh new energy services sector equity investment in nine months, demonstrating the strong pipeline of M&A activity in oil and gas and our commitment to helping smaller oil services firms in the North-east flourish."
"With an excellent workforce, established customer base, enviable long-term contracts, first class testing and storage facilities and well-equipped workshop in acres of land south of Aberdeen, RMEC has a strong platform on which to build. This capital injection will fast-track our aim of becoming a major player in well services, offering a competitive solution with a best in class, personalized service."
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