London, UK, 15 November 2013
Red7Marine Group Limited (“Red7Marine” or the “Group”) is pleased to announce an investment in the Group by Perwyn Limited (“Perwyn”), a private equity investor. The acquisition of an interest in the Group by Perwyn is concomitant with a substantial injection of new capital to enable Red7Marine to acquire additional assets to service its clients in the offshore renewables, and oil & gas markets. The transaction was supported by RBS and will also be enhanced by the provision of a further facility from a leading asset based lender.
Red7Marine is a leading provider of offshore and inland marine support services to the oil & gas, offshore renewables and civil engineering industries. Headquartered in Wrabness, Essex and Great Yarmouth, Norfolk, the Company operates from 8 locations across the UK providing specialist equipment, divers and engineers to construct and maintain critical energy related infrastructure assets, ranging from the largest offshore wind farms, to subsea oil & gas production and decommissioning.
Martin Spurr, Group Chairman of Red7Marine commented:
“We are delighted to have attracted investment from Perwyn who have recognised the market opportunities within the offshore energy and construction sectors and we are very excited to be able to accelerate Red7Marine’s growth plans through expansion of our specialist operated marine plant and services divisions. We very much look forward to working with our new partners at Perwyn and to the exciting future ahead.”
Andrew Wynn, Partner of Perwyn Ltd. commented:
“We are delighted to be partnering with management to accelerate the growth of Red7Marine, an outstanding business with tremendous opportunity to build on its position in offshore renewable and oil & gas markets. We look forward to bringing Perwyn’s industry experience to bear as Red7Marine enters its next phase of development.”
Robert Auerbach, Head of Mergers & Acquisitions at WH Ireland, adviser to the Group and shareholders of Red7Marine, commented:
“Red7Marine is an exceptional business, whose founders have delivered a strong track record of growth, increasing revenues organically from under £6 million to over £40 million in the last five years. Partnering with Perwyn gives Red7Marine the financial resources to capitalise on immediate opportunities in the offshore renewables and oil & gas markets, to deliver the next step-change for the customers and shareholders of the Group.”
For further information please contact:
Red7Marine Group Ltd.
Martin Spurr +44 (0)1255 887 916
Andrew Wynn +44 (0)207 368 9157
WH Ireland Limited
Robert Auerbach / Nick Field +44 (0)207 220 0483
NOTES TO EDITORS
About Red7Marine Group Ltd.
Red7Marine Group is a leading niche provider of equipment and services to the offshore, coastal and inland marine construction and maintenance markets, both in the UK and overseas. In the offshore market it offers diving and inspection services and dive equipment hire; vessel charter and marine construction equipment; engineers, fabricates and hires marine plant; operates ROVs and seabed trenching equipment. In the inland and coastal market the Company offers primarily inspection, maintenance and construction services and is the market leader in inland diving; has a leading share of the marine plant market and is a light marine construction contractor.
About Perwyn Limited
Perwyn is an entrepreneurial, privately-funded investment firm seeking to build long-term partnerships with businesses and management teams through its investments. Perwyn aims to invest in buy-outs and development capital opportunities in mature, cash generative and growing companies in industrial sectors in Western Europe where it can support growth initiatives and businesses in transition. Perwyn targets private companies with £10-100m in revenue and aims to be the first round of private equity investment.
About WH Ireland Limited
WH Ireland is a leading corporate adviser and private client wealth manager, with over 90 corporate clients and £2.3 billion of assets under management. WH Ireland has recently advised on a number of the foremost mid-market M&A transactions including the sale of Garrets International, the leading international provider of marine catering management for the commercial shipping industry, to GCP Capital Partners; the sale of a substantial minority shareholding in ARGC, the UK’s leading IVF fertility clinic to CBPE Capital and the sale of Quattro Plant Limited to the Management team, the largest UK provider of operated rail plant, backed by PNC and ICON Investments.