Mid-market firm Barclays Private Equity (BPE) has taken a significant minority stake in the Wilton Group, a provider of services for the subsea, marine, offshore and renewable energy industries, through an all-cash management buy-out.
The deal, which sees the firm invest £16m (€19.1m) of equity in the company, adds to BPE’s existing specialist engineering portfolio, which includes oil and gas industry products provider Hydrasun, and electronics sector product and identification solutions provider Worldmark.
Based in Aberdeen and Teesside, Scotland, Wilton provides fully integrated turnkey packages across a range of onshore and offshore engineering sectors, providing support for the maintenance and modification of renewable, oil and gas assets, predominantly in the North Sea.
John Walker, director at BPE, said, ‘Over recent years, Wilton has grown both organically and via acquisition to become one of the UK’s leading providers of project management, design and fabrication to the dynamic energy sector.
‘Wilton has considerable potential for organic growth, particularly through its PD&MS business, which has consistently exceeded growth targets since the group acquired it in 2008. Furthermore, the lack of bank debt as part of this transaction will enable the business to make strategic acquisitions to further improve both service offering and market position,’ he added.
BPE looks set to spin out by October after reaching an agreement with parent company Barclays Capital to become independent. It is thought the private equity unit will raise a new, £1.8bn (€2.1bn) fund once it has uprooted.
Earlier this week, the investment banking division of Barclays, Barclays Capital, made a public offer to acquire Swedish carbon trader Tricorona for a cash consideration of SEK8 ($1.03) per share.
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