Oil and gas firm Motive Offshore secures multi-million investment and hires new chairman

Oil and gas equipment specialist Motive Offshore Group has announced a multi-million private investment as it named former Hydrasun COO Bob McAlpine as its chairman.

The Banff firm, which aims to become a £30 million EBITDA business in the next five years, has agreed a deal with EV Private Equity (EV) to support accelerated growth.

In return, EV takes a stake in the business and two positions on the board of the company which specialises in  the manufacture, rental and inspection of  equipment onshore and offshore.

Motive, which was l aunched in 2010 by James Gregg and Dave Acton, is headquartered in Boyndie with offices in Aberdeen, Houston and the Middle East.

It risked going out of business during the North Sea downturn but restructured with a strategy to grow organically and through acquisition. It re corded a 50% increase in turnover to £13.5million last year while increasing its staff by 40 to 100 employees. Motive is aiming for £30million EBITDA in the next five years.

New chairman McAlpine left Hydrasun in 2015 and has since embarked on a £1.5 million luxury lodges project aimed at tourists near Stonehaven.

Managing director Acton said: “We have been in discussions with EV for the past 12 months and we are excited about the future of Motive as we move forward together with the investment and the expertise that they bring to the board.

“We have succeeded to come through difficult times in recent years and we are now in a very strong position to accelerate our growth strategy. This deal gives us the opportunity to build on our rental fleet to deliver new products and services and to open bases in additional geographical locations.

“We are firmly on the acquisition trail for companies that complement our supply and would demonstrate scalability and access to new regions and a wider client base. We are actively in early discussions with around 30 UK and international businesses with a focus on becoming the key global supplier for back deck equipment.”

In recent years, EV Private Equity has concluded deals with Aquaterra Energy, Enpro Subsea and Bluware and last month acquired Independent Oilfield Services (IOS) through its portfolio company WellConnection Group.

Tomas Hvamb, investment director at EV Private Equity, said: “We have a strategy of partnering with businesses with international growth ambitions, which can deliver more value to clients at lower net costs.  Motive very much fit this criterion, as well as having a very ambitious and hungry management team and an existing good reputation, all of which were attractive to us.

“We can see significant growth in Motive’s sector in the coming two to five years and with our specialist energy expertise and industry experience, we can work with the team at Motive to drive the business forward and reach its full potential.”


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