Chemistry right for Cat Tech MBO
A SPECIALIST industrial services group that supports the global oil and chemical industries has been acquired in an MBO funded and advised by Midlands professionals.
Cat Tech International, based in North Lincolnshire, has operations in Sweden, Bulgaria, Singapore, Thailand and China. The group focuses on catalyst handling services for oil refineries and petrochemical plants. Customers include BP, ExxonMobil, Shell, and Lucite International.
Management has acquired the business from the US listed environmental services group, Clean Harbors Inc, with financial backing from the Birmingham office of Maven Capital Partners. The financial terms of the transaction are not being disclosed.
Karl Thew, MD and majority shareholder of Cat Tech International said: “We have successfully expanded the business to become one of leading global providers of catalyst handling services. Having completed the MBO we are targeting further expansion into new overseas markets and development of our range of services.”
Andrew Ferguson, partner at Maven, added: “Maven looks to partner only with profitable businesses led by dynamic and proven management teams. This investment was a chance to support a team that has demonstrated the ability to achieve consistent growth and develop new markets.
“The business is well placed to achieve further growth from rising global demand for its specialist services and an increasing focus on plant efficiency, cost control, and health and safety.”
The deal was led, structured and advised by Simon Chapman of Warwickshire-based Burgis & Bullock Corporate Finance.
The Birmingham office of Fortis Commercial Finance, led by Harps Dharmi, provided a working capital facility to Cat Tech International.
Richard Underwood of SGH Martineau acted as legal adviser to the MBO team and Simon Gill of Gateley advised Maven.
