Barclays Private Equity backs Hydrasun management in £75.5 million buy-out
On 12 October, Barclays Private Equity backed the management team of Hydrasun, Europe’s leading provider of fluid connectors, hoses, fittings, instrumentation, process control products and associated services to the oil and gas industry, to continue the domestic and international expansion of the business in a £75.5 million management buy-out.
Hydrasun is headquartered in Aberdeen with operations throughout the UK and with bases in Holland and Azerbijan supporting client operations both on and offshore.
The Barclays Private Equity investment in the business will support further growth into key international development regions for the oil and gas industry including the Caspian Sea and Asia Pacific regions, enabling the company to provide a global service to its clients. No other supplier in this market has the ability to provide a comprehensive service encompassing manufacture, assembly, testing, certification and integrity management and assurance throughout service life on a global basis, backed up by local operational support facilities giving customers complete confidence of supply.
Rob Myers, Director of BPE said “We are delighted to have this opportunity to invest in a business that has such strong growth opportunities. Developments in the global energy markets are driving companies throughout the industry to have absolute focus on environmental compliance, safety and integrity of operations and reliability of supply. Hydrasun’s unique approach towards integrated product manufacture, supply and ongoing integrity management and assurance services enables clients to have complete confidence in these aspects of their operations.”
Bob Drummond, CEO of Hydrasun said “International development, and broadening and developing our service offering has been and will continue to be core to our strategy of becoming a valued service partner to companies in the oil and gas sector. Barclays Private Equity’s investment will help us to accelerate this process and further enhance the services that we offer to our clients.”
The buy-out was supported by Barclays Leveraged Finance in Edinburgh who provided senior debt for the acquisition. p>
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