HBJ Gateley advises Azure investments in ?5m deal to grow Aberdeen oil and gas business

Monday, Jul 23, 2012

Corporate and energy specialists at law firm HBJ Gateley have advised private equity firm Azure Investments on a ?5 million acquisition of Screw Conveyor Ltd, the Aberdeen-based oil and gas services business.

Partner Graeme Henry led the deal, which was funded by Azure Investments. Azure targets growth from the north-east firm?s burgeoning presence in the Middle East, Far East and Russia.

Screw Conveyor? is a well-established business in North Sea drilling, where it is the market leader in the design, assembly and supply of screw conveyors, which move waste materials away from drilling sites.

Graeme Henry said: ?Azure is a very ambitious, acquisitive private equity firm which spotted the growth potential of Screw Conveyor and put together a very good deal in what is still a very tough market.

?Screw Conveyor has a first-class reputation for quality and customer service, and has consolidated its position as the go-to provider in the North Sea. With export to many countries from its base in Aberdeen, this deal will give the business the impetus it needs to expand its reach overseas and compete on a global scale.?

Azure Investments chairman John Stodart said the current business was highly profitable and was well positioned to expand its presence abroad.

He said: ?We have very ambitious growth targets for the business which we are confident we can achieve given the existing strength of the order book and the pipeline of opportunities in overseas markets.

?We have very good relationships with the rig operators in Russia and a strong presence in Kurdistan and Iraq, as well as Saudi Arabia and Dubai. Our plan to have fabrication plants in both Dubai and Singapore will help consolidate on our success to date.

?HBJ Gateley understands this market very well and has a good feel for where we want to take the business, and we?ll be keeping an eye out for any other suitable acquisitions as we progress matters abroad.?

The vendor in the deal was Environmental Energy Ltd.

Source: HBJ Gateley

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Source: http://www.youroilandgasnews.com/hbj+gateley+advises+azure+investments+in+%C2%A35m+deal+to+grow+aberdeen+oil+and+gas+business_80111.html

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