Private Equity Firm SCF Partners Acquires Nautronix
09 April 2010Global private equity firm SCF Partners has acquired Aberdeen-based subsea services company Nautronix for an undisclosed price.
SCF Partners is headquartered in Houston, Texas, with representative offices in Calgary and Aberdeen. SCF has been providing equity capital and strategic growth assistance to energy services and equipment industry for over 20 years and typically provides an initial investment of upfront equity, often followed by incremental capital to support strategic acquisitions and internal growth initiatives. SCF has invested $1.3 billion in 47 energy service and equipment transactions and more than 200 add-on acquisitions, has distributed $3.0 billion to its investors, and has a current portfolio with aggregate revenues of approximately $2 billion.
Established over 25 years ago, Nautronix has a high profile history in the subsea positioning and communications market and is a world leader in the design and supply of advanced underwater acoustic systems.
The company is committed to R&D and has invested substantially in its key technology base, ADS2, and its game changing products such as NASNet®, NASCoM, NASDrill and Helle Systems. Today, Nautronix has 80 staff in Aberdeen and Houston and a rapidly growing annual turnover of over £12 million.
Mark Patterson, who will continue as CEO of Nautronix and who has reinvested in the company, stated: “I have known SCF for many years and have always been very impressed with their track record. Our aim now is to treble the size of the business over the next five years, and I look forward to taking on this new challenge.”
Ian Suttie, the exiting Nautronix majority shareholder and chairman added: “With SCF’s strong track record I’m confident this is an exciting combination which will allow Nautronix to build further within the global subsea market.”
SCF Partners’ Managing Director, Andy Waite, stated: “We believe the market demand for subsea services will continue to grow and are excited for the future of NASNet®.”
Nautronix received corporate finance advice from Simmons & Co. International and legal advice from Paull & Williamsons. Advisers to SCF included Maclay Murray Spens and Deloitte, with funding being provided by Lloyds Banking Group.
The company, which will now trade as Nautronix Group Ltd., will maintain its headquarters in Aberdeen, Scotland.