Sat, 08 Jun 2013 | MBO/MBI
Precision engineering firm Rimor has been the subject of a management buyout deal.
Operating in the subsea oil and gas sector, Rimor has seen accelerated growth over the past few years and a strengthened order book. Based in Hampshire, it has a workforce exceeding 100 people. As well as precision engineering, it offers precision fabrication and sheet metalwork, modular assembly and converting solutions.
The management team will push forward with Rimor’s growth, which is to include site expansion in the UK and overseas after the sale.
The deal will also see Alan Wilson appointed as non-executive chairman, having previously worked at firms including Trelleborg Offshore, Weir Group and Aker Kvaerner, and the appointment of Dr Michael Lloyd, who was previously at Rolls Royce.
Private equity firm LDC managed the deal, with its regional managing director Martin Draper, and investment directors Andy Lyndon, Steve Aston and Matt Newbold working together to support the MBO. Mr Aston and Mr Newbold are to join the board straight away.
Speaking to Insider Media Mr Draper noted, “With robust growth forecast for oil and gas market the prospects for Rimor’s future are extremely positive and we look forward to supporting the team as they continue to build on the recent successes, whilst helping to execute the next phase of the business’ development.”
The deal was backed by Yorkshire Bank, with financial due diligence undertaken by Baker Tilly.
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