Scotland’s two leading banks have joined forces to back a management buy-in at Aberdeen-based equipment supplier Hydrasun.
Royal Bank Development Capital (RBDC) has provided equity for the buy-in which is being led by Bob Drummond, previously of Wood Group Engineering. Invex Capital, a London based private equity firm, also participated in the transaction. Bank of Scotland Corporate Banking provided the debt. The financial details of the MBI have not been disclosed.
Hydrasun was established in 1976 by Bill Cameron and Stan Fraser and is headquartered in Aberdeen. It has become the market leader in supplying hoses, valves and other components to the North Sea oil and gas industry and beyond. Hydrasun has an annual turnover in excess of £30m and employs over 240 staff.
This deal marks the third to be completed by the Scottish office of RBDC in the last twelve months. Earlier this year it completed the management buyout of Hortsmann Group Limited and the management buyout of Roxspur Measurement and Control. The firm aims to target deals of between £2m and £20m across all UK sectors.