A Scottish firm working within the oil and gas industry is set to move ahead with expansion plans, following private investment.
R&M Engineering, which specialises in fabric management and maintenance throughout the North Sea oil and gas industry, has recently seen a £5 million cash injection. Taking a majority share of the company, Maven Capital Partners made its move in December.
Following the investment, the firm will now start to explore new markets. It is in keeping with the industry, with many exploiting the strength of the oil and gas market.
Whether with private investment or the likes of invoice factoring, such expansion is a growing trend.
R&M will also add new services to its offering, with an innovative 3D laser survey and scanning business area.
Presently, the Aberdeen based firm has around 70 members of staff, with the expansion plans likely to see new employees taken on.
Founded in 1979, the firm sees annual turnovers of around £14 million.
Talking about the investment, Jock Gardiner, one of the partners in the equity firm, said:
“This is a very attractive investment for Maven Client Funds.
“R&M provides specialist manufacturing and engineered solutions to the oil and gas sector which are in demand globally.”
Strong in the North Sea market, the firm will look towards extending its range whilst shoring up its interests, with Gardiner continuing:
“With the senior management team’s extensive industry experience and contacts, we expect R&M to continue to exploit new opportunities both in the North Sea and overseas.”
Citing the evident potential for growth at R&M, Gardiner said he was looking forward to getting to work.