Manpower - Preparing for the end of the EU Transition
Date: Wednesday, September 30, 2020 Time: 02:00 PM British Summer Time Duration: 1 hour With the...
A Newcastle-based offshore engineering firm has expanded and rebranded following an impressive 12 months of growth and a management buyout.
Fabricom Offshore Services, which has a history spanning over 30 years, was a subsidiary of French energy group Engie until it became Quanta Fabricom following its acquisition by director Nick Oates in November 2018.
Quanta Fabricom provides engineering, procurement and construction (EPC) services to the oil and gas industry and employs more than 100 onshore and offshore employees. The company, which has its headquarters at Quorum Business Park - Newcastle, recently expanded its Aberdeen operations by moving into new premises in Arnhall Business Park in Westhill. It now forecasts that 30 people will be eventually working from its Scottish base.
Following the recent management buyout, the business continues to be supported by Barclays bank, while regional fund management firm NEL Fund Managers has now made a six-figure investment from the North East Growth Capital Fund, supported by the European Regional Development Fund, in Quanta Fabricom to ensure it has the working capital required to drive its future growth.
The company has been advised on the deal by Muckle LLP, the North East leading independent law firm for business, along with chartered accountants and business advisors Tait Walker.
Quanta Fabricom CEO Nick Oates said: “The management buyout, the change in name and identity and the opening of our Aberdeen office marks a defining moment for Quanta Fabricom and will help us to improve our operations following a strong year of growth.
“We have built a strong reputation within the oil and gas industry as a leading EPC provider to operators within Europe, and as the business has grown, so too has our service offering. The evolution of our brand and company values have been developed to ensure we can continue to deliver an agile and proactive service within the oil and gas industry.
“We pride ourselves on developing strong relationships with our partners and, together with the opening of our new Aberdeen office and the launch of our new brand, we are looking to the future with ambition and high expectations.
“We engaged Muckle LLP and Tait Walker to help with the management buyout because of their impressive track record in corporate deal making and experience in the energy sector, and we were delighted with the invaluable advice we received throughout the whole process from all our advisers.”
Corporate lawyers Stuart Grieve, Andrew Davison and Anthony Evans, from Muckle LLP, advised Mr Oates, alongside Michael Smith and Graham Dotchin from Tait Walker.
Stuart Grieve, Muckle LLP solicitor, said: “It was great to work with Nick and his team on this buyout, which is a fantastic development for both the North East of England and the Aberdeen oil and gas industry.
“Quanta Fabricom has been a dedicated specialist in its field for 30 years and I know this deal has already created great growth opportunities within the business. I’m looking forward to seeing them realise that potential and I’m sure it will be an exciting journey for everyone connected with the company.”
Jane Siddle, investment executive at NEL Fund Managers, said: “Quanta Fabricom is a very highly regarded business with a strong market position and our investment will help provide the resources it needs to make even more progress.”
Michael Smith, Partner at Tait Walker, said: “We were delighted to have acted for Quanta Fabricom as part of this important deal. We would like to wish Nick and the team all the best for the future as they move forward from this defining milestone in the company’s history and look forward to advising them in the future.”
The North East Growth Capital Fund has been designed to create around 790 jobs in more than 70 regional firms over the life of the programme and offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
To find out about Muckle LLP and its corporate finance and energy sector legal expertise, visit www.muckle-llp.com