Huntly firm R&M Engineering boosted by £5m investment
Engineering and fabrication services company R&M Engineering is set to expand after private equity firm Maven Capital Partners paid £5m for a majority stake in the business.
Aberdeenshire-based R&M specialises in ongoing fabric maintenance for the oil and gas industry in the North Sea.
It now plans to move into new markets with a laser survey and scanning division, which will offer 3D surveys.
Established in 1979, R&M currently employs about 70 people.
The Huntly-based company has an annual turnover of nearly £14m.
Maven partner Jock Gardiner said: "This is a very attractive investment for Maven Client Funds.
"R&M provides specialist manufacturing and engineered solutions to the oil & gas sector which are in demand globally.
"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.
"We look forward to working with the team to drive the business' undoubted growth potential."