Noble Denton Moves Up in Rank Among Top British Businesses
Noble Denton, the leading global offshore engineering and marine consulting firm, is, for the second year running, ranked among an elite group of British businesses, as it secures 32nd place in this year's Sunday Times Deloitte Buyout Track 100 list, 27 places higher than 2008.
Now in its third year, the prestigious league table ranks Britain's top 100 private equity-backed mid-market companies. The research analyses the financial performance of private equity-backed companies, rather than just the buyout deals.
Noble Denton is one of five energy companies on the list based on its 2007 performance, when it achieved revenue of £49.3m. Throughout 2008 Noble Denton has remained committed to an ambitious growth program involving both acquisitions and entering emerging markets such as India and China.
Last year Noble Denton established an in-house mergers and acquisitions team, headed up by former group managing director David Sutton. It also completed the purchase of Standard Engineering and Brevik Engineering from Oslo-based Strata Marine & Offshore for £25.9million, indicating its intention to accelerate growth and consolidate its position as a contender in the public market, while also strengthening its position in Norway.
The company, which following the recent acquisitions has a global workforce of around 1,000, is a world-class provider of life cycle, marine and offshore engineering services to the oil and gas and renewable industries. The group is established in key oil and gas locations across Europe, Middle East, Americas and Far East and was founded on the basis of combining practical seafaring expertise with advanced engineering analytical skills.
John Wishart, Group Managing Director of Noble Denton, said, "It's a great achievement to be included in the Buyout Track 100 list along with other successful British businesses -- what's even better is that the continued effort we have made during 2008 to improve growth has been rewarded with an improved ranking.
"Acquisition in combination with organic growth has been at the forefront of Noble Denton's business strategy for several years. While the current global financial climate is challenging, we are committed to finding innovative ways to fund and pursue merger and acquisition opportunities. This is evidenced by very recent acquisitions in Norway which brings the company more first-class engineering skills, particularly in the offshore conversion and construction areas."
Mark Pacitti, partner in corporate finance at Deloitte, the title sponsor of the league table, commented on the private equity-backed stars: "This research highlights some of the success private equity-backed businesses are achieving in Britain. Despite the difficult market, private equity investors remain strong supporters of local business, and we wouldn't expect this to change in 2009."
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