Nautronix Acquired by SCF Partners09/04/2010
|Nautronix and Chief Executive Officer Mark Patterson announced the acquisition of Nautronix by SCF Partners and members of the Nautronix senior management team on 9th April 2010. Established over 25 years ago, Aberdeen-based Nautronix has a high profile history in the subsea positioning and communications market and is a designer and supplier of advanced underwater acoustic systems.|
The Company is strongly committed to R&D and has invested substantially in its key technology base, ADS2, and products such as NASNet, NASCoM, NASDrill and Helle Systems. Through these it has focused on expanding the business, growing revenue and creating an established track record within the global deepwater subsea oil and gas market. Today, Nautronix has 80 staff in Aberdeen and Houston and a rapidly growing annual turnover of over GBP12 million.
Mark Patterson, who will continue as CEO of Nautronix and who has reinvested in the Company, stated: "I'm very excited about this next stage in the development of Nautronix. I have known SCF for many years and have always been very impressed with their track record. By working closely with SCF, our management team will build on the success we've seen over the last few years. 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."
As a global private equity firm for energy services investment, SCF Partners ("SCF") 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 twenty years and typically provides an initial investment of upfront equity, often followed by incremental capital to support strategic acquisitions and internal growth initiatives.
SCF seeks to partner with high-quality management teams running growing companies and works with management to take exciting growth companies to become leaders in their industry.
Ian Suttie, the exiting Nautronix majority shareholder and Chairman added: "I have been very impressed with the Nautronix management team and this transaction is testament to the great work they have carried out to build a very strong profitable business. 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: "SCF is excited to partner with Nautronix with this transaction. Nautronix has an excellent management team, and a business model and growth strategy that are in line with our investment goals. We believe the market demand for subsea services will continue to grow and are excited for the future of NASNet. Nautronix is well-positioned to take advantage of this opportunity with its transformative technologies in deepwater development."
The transaction value has not been disclosed. Nautronix received corporate finance advice from Simmons & Company 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 Limited, will maintain its headquarters in Aberdeen, Scotland.
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Supplier: Nautronix Group Ltd
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