NBGI Private Equity leads £20m buy-out of rental firm ATR Group
MD Keith Moorhouse reinvests as part of deal
NBGI Private Equity has led the £20m buy-out of ATR Group, a rental equipment specialist for the oil and gas industry with support from Clydesdale Bank.
The refinancing deal, based on a combination of equity and debt finance, represents a lucrative exit for Maven Capital, which backed a management buy-in of ATR Group in 2007.
In the five years since the buy-in, ATR has rapidly expanded its client base, fleet and global footprint. The company currently employs 100 people, with a turnover of £17m.
ATR’s managing director Keith Moorhouse, who led the original MBI, has reinvested alongside operations director Mike Robertson and newly hired chief financial officer Euan Leask, as part of the NBGI deal, and will keep his current position.
Discussing the new investment, Moorhouse said: “As we enter a new exciting stage of growth with the right foundations in place, we welcome the investment by NBGI which will enable a step-change in our investment plans for the fleet and allow us to explore opportunities for future acquisitions. This will in turn allow us to offer an enhanced service to clients.”
Lawrence Dean, investment director of NBGI, will join the ATR board as part of the deal. He said: “We are delighted to be supporting the senior management team and looking forward to working in partnership to take the business to the next level, exploiting the strong growth potential.”