Energy products and services company 3sun Group closes £10m from Business Growth Fund
Plans to expand UK and overseas operations following BGF’s backing of first business in East England
Great Yarmouth-based 3sun Group, a specialist supplier to the global energy market, has announced today that it has secured £10m from long-term equity investment firm Business Growth Fund (BGF), the fund’s first investment in a company located in the East of England.
Founded in 2007 by Graham Hacon (pictured), 3sun Group provides products and services to the oil and gas onshore, and offshore wind sectors, and has five divisions spanning control panels and platform applications, as well as the installation and maintenance of wind turbines.
Over the last six years the energy-focused company has grown to four global offices including Norway and Germany, and has over 240 staff.
It intends to use the investment to fund other UK and overseas locations; specifically in northern Europe, with the goal to reach its revenue target of £25m for year-end 2014.
3sun Group managing director, Hacon, commented: “Securing this £10m investment is an enormous achievement for us.
“This significant sum will prove highly beneficial for 3sun Group in the long run, providing us with the additional capital required to accelerate our capabilities and increase our global presence. We are outgrowing our current premises and expect 50 more employees by March 2015 increasing an extra 200 by March 2017, so we will be investing in a new site for our Group headquarters.”
Chris Hodges, BGF’s investment director, added:
“3sun has consistently won market share on the back of its reputation for delivering high quality service and its responsiveness to customer needs, both in the oil and gas sector and increasingly in the offshore wind market.
“Boosted by an injection of growth capital, it is in great shape to take advantage of growing demand for its services. Graham has demonstrated his ability to create value through growing businesses organically and through acquisition and we are excited to be partnering with him.”