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 2.26x 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.
RMEC has a strong platform on which to build. This capital injection will fast-track our aim of becoming a major player in well services, offering a competitive solution with a best in class, personalised service.
Bryan Fagan, Managing Director of RMEC
