Equistone exits oil engineering firm
EQUISTONE Partners has sold Aberdeen-based PD&MS which provides design and engineering services to the oil and gas industry.
It has been bought by a management team backed by Inflexion private equity. The value was not disclosed but Equistone said it had nearly trebled its money.
Equistone first invested in 2010 when it put £16m into the Wilton Group which owned PD&MS as well as Wilton Engineering Services and Universal Coatings.
In May 2013 it invested a further £4m to take a majority stake in PD&MS and at the same time the two other businesses were sold to their management teams. PD&MS has 200 staff and generated revenues of £47m in 2013.
Steve O’Hare, former non-exec at PD&MS and partner at Equistone in Manchester, said: “PD&MS’s performance has been impressive and we’re pleased to have worked withmanagement to grow the business, including establishing an international presence. We are confident that the management team will continue to develop its core services in the drilling, production and marine sectors, while strengthening its market position in global engineering.”
PwC provided corporate finance advice, while Pinsent Masons provided legal advice to PD&MS. Deloitte provided financial due diligence to the company, while tax due diligence was handled by Deloitte.
