Primary Capital Partners LLP has acquired a majority stake in fast-growing environmental services and equipment provider, MSIS in a £20 million transaction.
The investment from Primary will help MSIS fast-track its ambitious growth plans by extending its service offering to capture a larger share of the North Sea market and further develop its presence in selected international offshore markets.
The deal sees a profitable exit for Maven Capital Partners, which invested an initial £2.5m in MSIS in 2007. MSIS chief executive, Chris Lloyd and managing director, Ian McPherson will remain to lead the management team who will own 30% of the business.
Since its launch in 1998, MSIS has grown to become an independent and trusted adviser to the offshore oil and gas sector and onshore industrial sectors, offering an increasing range of specialist skills, equipment and services. The company which employs 80 people has a proven track-record in specialist cleaning, waste management and market-leading best practice. Over the last two years, the rapidly expanding company has made substantial investment in equipment and facilities at its bases in Invergordon and Aberdeen.