Air Energi restructures debt with RBS

ROYAL Bank of Scotland has bought a portion of the £61.5m of debt put into the secondary buyout of oil and gas recruiter Air Energi by HSBC.

In a statement it said its Corporate & Institutional Banking arm had carried out the transaction but the scale of the deal was not disclosed.

HSBC Leverage Finance backed the October buyout which was led by a management team supported by LGV Capital. The vendor was Manchester-based Palatine Private Equity.

Last year the firm, which has 200 staff, increased gross profits by 35% to £34m on turnover of £290m, up 39%. The business won major contracts from Shell, Total, Oilsearch and Nexen and opened new offices in Moscow, New Orleans, Den Hague and Basra. 

Ken McPherson, group finance director, Air Energi Group said: “This latest funding deal puts us in an excellent position for growth and we remain confident of a robust trading period going forward. There is strong demand for the services we provide from all four corners of the globe as economies and government focus on energy as a priority. RBS has exceptionally strong credentials, both in supporting international expansion for its clients as well as in the energy sector.”

Jacqui Hulme, RBS relationship director, said: “Air Energi is a business Manchester can be justly proud of. With a strong UK business and substantial international presence, it offers a diverse and in-demand service throughout the world. We were absolutely thrilled to be in a position to assist it with its future growth plans. We are perfectly placed to arrange this latest facility and support the business, and I look forward to working closely with the management team.”