Seneca invests in PSI

SENECA Investments has taken a stake in Yorkshire recruitment business PSI Energy.

Tadcaster-based PSI provides skilled contractors, consultants and full time staff to the oil and gas industry.

PSI director Rebecca Langrick said: “Our growth has been hampered recently due to the political unrest in the Middle East and the lack of mainstream funding available for SMEs to break into export markets.

“We particularly admired the speed in which Seneca put the deal together. It will allow us to set up in new markets worldwide and look at acquisition opportunities for bolt on to PSI.”

Seneca Investments was launched last year focused on making equity investments in SMEs facing financial difficulties.

Director Melanie Hird said: “We were extremely impressed with the progress PSI has made over the last few years working in emerging markets on an international basis.

“It was evident in order for the growth to continue, PSI required support from an equity partner in order to break into new markets such as Australia, Kazakhstan and Russia together with building their presence in the UK. We see great opportunity for growth organically and by acquisition for PSI.”

Neil Large, corporate partner at HLW Keeble Hawson, represented Seneca while Jonathan Simms, from Clarion, represented the management team.