New funding deal fuels Air Energi expansion plans
The Manchester-based oil and gas sector consultancy Air Energi has secured a new financing deal.
RBS Corporate & Institutional Banking has acquired an undisclosed proportion of a £61.5m debt facility provided by HSBC’s Leverage Finance North team and the Corporate Banking Centre, also based in Manchester, to support a management buyout backed by LGV Capital.
Air Energi now has regional hubs in Houston, Doha, Singapore and Brisbane supporting regional offices in 30 countries and energy projects in more than 50. The business provides services such as mobilisation and support of technical consultants; assistance with security, compliance, tax and international payroll; fully equipped project teams; recruitment; and strategic consultancy for bespoke situations.
The business has continued to grow: turnover in 2012 increased by 39% to £290m, with gross profit up 35% to £34m. In the same year, the business won major contracts from Shell, Total, Oilsearch and Nexen and opened new offices in Moscow, New Orleans, Den Hague and Basra.
RBS CIB was selected due to its significant expertise in the oil and gas sector.
Ken McPherson, group finance director, Air Energi Group said: “This latest funding deal puts us in an excellent position for growth and we remain confident of a robust trading period going forward. There is strong demand for the services we provide from all four corners of the globe as economies and government focus on energy as a priority. RBS has exceptionally strong credentials, both in supporting international expansion for its clients as well as in the energy sector.”
Jacqui Hulme, relationship director - client coverage, Royal Bank of Scotland Corporate & Institutional Banking, said: “Air Energi is a business Manchester can be justly proud of. With a strong UK business and substantial international presence, it offers a diverse and in-demand service throughout the world. We were absolutely thrilled to be in a position to assist it with its future growth plans. We are perfectly placed to arrange this latest facility and support the business, and I look forward to working closely with the management team.”
This was posted in Bdaily's Members' News section by Simon Malia .