Industrials & Engineering
Growth Capital | VCTs
In April 2022 Maven sold RMEC, a leading provider of managed solutions for the oil & gas intervention and decommissioning sectors, to Centurion Group. The trade sale generated a 2.32x blended return for investors.
Maven originally led the management buy-in of RMEC in 2014 with the transaction funded by the Maven VCTs and through Maven’s co-investment network for professional clients, ‘Maven Investor Partners’. This saw Bryan Fagan joining the business as Managing Director while Ian McPherson was also appointed as Chairman, having previously been MD at MS Industrial Services and Nessco; former portfolio companies which Maven had exited for a money multiple return of 3.5x and 3.7x respectively.
Despite the oil and gas downturn in 2015-16 and Covid pandemic in 2020-21, RMEC continued to perform strongly, adding a number of new blue-chip customers and agreeing long term master service agreements with key North Sea operators and service companies.
The sale of RMEC has resulted in a very good return for our investors. We are proud of how we have supported the business over the past eight years with the recruitment of a new Managing Director, Finance Director and Chairman allowing it to expand into international markets, extend its service capability and improve its market position. Despite the turbulence in the oil & gas market in recent years, RMEC continued to perform strongly. We are pleased that it has been acquired by Centurion which has a highly complementary proposition and will provide an excellent platform for RMEC’s continued growth.
Ewan MacKinnon, Partner at Maven
Meet the lead executive(s)