Hydrasun is Europe’s leading provider of fluid connectors, hoses, fittings, instrumentation, process control products and associated services to the oil and gas industry. Headquartered in Aberdeen with operations throughout the UK and bases in Holland and Azerbaijan, Hydrasun supports client operations both on and offshore.
The Barclays Private Equity’s investment in the business will support further international expansion of the business, particularly in emerging markets such as the Caspian and Asia Pacific.
Rob Myers, Director of Barclays Private Equity, said "This is an excellent investment for Barclays. Hydrasun and its management team have an impressive track record and there are strong underlying growth prospects for the business.
"Developments in the global energy markets are driving companies throughout the industry to demonstrate environmental compliance, safety and integrity of operations and reliability of supply.
"Hydrasun’s unique approach towards integrated product manufacture, supply and ongoing integrity management gives clients complete confidence in these aspects of their operations."
Mr. Myers said no other supplier in this market had the ability to provide a comprehensive service encompassing manufacture, assembly, testing, certification and integrity management and assurance throughout service life on a global basis, backed up by local operational support facilities.
Bob Drummond, CEO of Hydrasun, said: "This is a great deal for the company, our customers and our staff. As a Scottish company aiming to further internationalize our business from our Aberdeen headquarters, it is also good news for the local economy.
"International development, and broadening and developing our service offering, have been and will continue to be key to our strategy of becoming a valued service partner to companies in the oil and gas sector.
"Barclays investment will help us to accelerate this process and further enhance the services that we offer to our clients."
The buy out was supported by Barclays Leveraged Finance in Edinburgh who provided senior debt for the acquisition.
Head of Barclays Leveraged Finance in Scotland, Jamie Grant, added: "This deal follows hot on the heels of our provision of a new corporate debt facility for Venture Production plc totaling £585 million.
"It represents our ability to combine industry expertise with proven deal executive capabilities. Barclays Leveraged Finance is highly ambitious with the aim of providing our corporate and private equity clients with enhanced levels of service and added value. The dedicated oil and gas team in Aberdeen has doubled in size over the last six months, including the recruitment of a sector specialist from Wood Mackenzie. We are actively recruiting in all areas of Business Banking in anticipation of continued growth in the M&A sector. We remain the only bank with an industry specialist oil and gas team in Europe’s oil capital."
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