Barclays PE invests £16m in energy firm

THE Manchester office of Barclays Private Equity has invested £16m in an energy sector engineering company, through a management buyout.

The Wilton Group, based in Teeside, comprises three main business units – PD&MS, Wilton Engineering Services and Universal Coatings – and provides project management, design, fabrication, installation and testing services for the energy sector.

The deal sees Barclays PE take a significant minority stake in an equity-only transaction.

John Walker, director at Barclays Private Equity in Manchester, 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. 

“Taking into account its focus on the maintenance and refurbishment of offshore rigs and platforms in the North Sea, Wilton operates in a marketplace of strategic importance to the UK government in terms of energy supply.”