Motive Offshore has secured a multi-million investment from EV Private Equity (EV) to allow accelerated growth in the oil, gas and marine market.
The move will see EV take a shareholding stake in the business and two positions on the board as Motive focuses on growing organically with the manufacturing and delivery of new products and services whilst starting the acquisition trail to scale up the business and increase its global presence.
Motive managing director, Dave Acton , said: “We have been in discussions with EV for the past 12 months and we are excited about the future of Motive as we move forward together with the investment and the expertise that they bring to the board. We have succeeded to come through difficult times in recent years and we are now in a very strong position to accelerate our growth strategy. This deal gives us the opportunity to build on our rental fleet to deliver new products and services and to open bases in additional geographical locations.
“We are firmly on the acquisition trail for companies that complement our supply and would demonstrate scalability and access to new regions and a wider client base. We are actively in early discussions with around 30 UK and international businesses with a focus on becoming the key global supplier for back deck equipment.”
Motive is targeting a £30 million EBITDA in the next five years to 2024, the company noted.
Tomas Hvamb , investment director at EV Private Equity, said: “We have a strategy of partnering with businesses with international growth ambitions, which can deliver more value to clients at lower net costs. Motive very much fit this criterion, as well as having a very ambitious and hungry management team and an existing good reputation, all of which were attractive to us.
“We can see significant growth in Motive’s sector in the coming two to five years and with our specialist energy expertise and industry experience, we can work with the team at Motive to drive the business forward and reach its full potential.”
As the business now focuses on its growth plans, former Hydrasun COO, Bob McAlpine, has also been appointed chairman of Motive Offshore Group.
The deal will be facilitated by Hall Morrice Corporate Finance as deal initiators and advisors and Blackwood Partners as legal advisors to Motive management, with Deloitte and DLA acting for EV Private Equity.