Inflexion invests £22m in Viking Moorings

The London- and Manchester-based private equity firm has backed the £22m MBO of marine and mooring business, Viking Moorings.

UK lower mid-market firm Inflexion Private Equity has led the £22 million (€32 million; $39 million) management buyout of Viking Moorings, a subsidiary of marine and mooring business Balmoral Group.
 
Inflexion paid £9 million to take a majority holding in Viking Moorings, alongside an investment from the management team. Royal Bank of Scotland provided a £16 million debt package and £5 million in capital exchange and working capital facilities to support future growth.
 
The Balmoral Group said in a statement that the MBO will enable the company to invest in excess of £10 million in R&D, design and manufacturing plants in its tanks and advanced composites business units.
 
Operating from Aberdeen, Scotland and Stavanger, Norway, Viking Moorings was established 20 years ago to hire and sell mooring systems and associated products for use in the North Sea oil and gas industry. The company employs 60 people across its UK and Norwegian bases.
 
Investment director Tim Smallbone and assistant director Catherine Richards of Inflexion’s Manchester office led the deal and will join the board of Viking Moorings following completion.
 
Inflexion is currently investing from its €150 million ($183 million) 2003-vintage buyout fund. Recent investments include Red Commerce, ACIS, All Clear Finance and Ilchester Cheese.