Motive Offshore accelerates renewable growth with multimillion investment
13 July 2022
Motive Offshore Group (Motive), which specialises in engineering, inspection and rental equipment for the energy sector, has secured a significant multimillion pound investment from H2 Equity Partners (H2). The deal will support the international growth plans and ambitions of Motive, generating 75% of revenue from renewables by 2025.
The announcement follows a successful period of growth where the company has more than doubled its business within a three year period, including already reaching close to 60% of sales in the renewable market, which is significantly ahead of its original five year strategy plan. Within this timeframe, Motive has also made substantial acquisitions, growing its team to two hundred people and increasing turnover by more than £10 million between 2020-2021. H2’s international operating experience, collaborative approach and strong track record in supporting ambitious, founder-owned businesses, will enable Motive to accomplish its next stage of sustainable and rapid growth, where it will continue to accelerate its energy transition.
With a key plan to continue with international growth and diversification, Motive will implement its strategy of applying offshore resources, cross-sector collaboration and innovation to the energy sector, with ambitions to extend its renewables market share. The company will continue to target new strategic locations, with global expansion in its workforce and projects, in response to market demand. Following previous success, Motive will continue to increase its inspection service offering and diverse rental fleet, whilst also advancing its equipment through digitalisation upgrades.
Dave Acton, CEO of Motive Offshore, comments: "We’ve grown our business extensively over the last three years and this trajectory is only accelerating, so collaborating with the right partner to meet this incline is paramount to our success. We’re delighted to add further investment to both our people and products with the support of H2 Equity Partners, continuing to provide opportunities for our dedicated teams and innovative solutions for our customers. Part of this will include increasing our renewable portfolio with multi-sector solutions and Taiwan renewable hub. Today we currently support over 23 global wind projects and excitingly, that number is increasing rapidly.”
The move adds two members from H2 Equity Partners to Motive’s Executive Board. They will join Dave Acton, James Gregg and Declan Slattery and will replace previous investor, EV Private Equity.
Patrick Kalverboer, Managing Partner of H2 Equity Partners, adds: "We’re excited to invest in Motive and support Dave and his team to deliver an exciting and ambitious growth strategy. In particular, we see a significant opportunity for the business to leverage its best-in-class offering to accelerate its growth globally and build its share in renewables. With our broad international experience and track record of supporting founder-owned businesses, we strongly believe H2 Equity Partners is the right partner to enable Motive to achieve its full potential and we greatly look forward to the journey ahead.”
Tomas Hvamb, Partner at EV Private Equity, said: "It’s been a privilege to work with the Motive Offshore team since we partnered in 2019. We set a bold plan to grow the business both organically and through mergers and acquisitions. Dave, James, and the team have delivered on the plan and it’s good to see the investment H2 Equity Partners has made in Motive, as the company embarks on the next stage of its growth.”
Dave Acton, CEO, Motive