Maven Capital Partners has sold a majority stake in specialist environmental services provider MSIS in a £20million private equity deal.
Primary Capital Partners, based in London but also hunting for deals from its Manchester office, has acquired a majority stake but MSIS chief executive Chris Lloyd and managing director Ian McPherson lead a management team owning 30per cent of the business.
The investment will help MSIS fast-track its growth in both North Sea and international offshore markets.
Mr Lloyd said: "In the currently challenging oil and gas market, this investment allows us to take bold steps towards adding to and developing our high quality services and products."
He added: "Our two founder directors Dave Skinner and Jim Macaskill will taking a step back from the business following the deal."
It means another profitable exit for busy Maven Capital Partners, which invested an initial £2.5m in MSIS in 2007, and says it has made 3.5 times its original stake.
Launched in 1998 MSIS now employs 80, and in the past two years has invested substantially in its bases in Invergordon and Aberdeen.
Primary Capital last year recruited experienced partner Ian Wolstenholme to its Manchester office.
Mr Wolstenholme said: "We are delighted to back an exceptional management team led by Chris Lloyd to deliver a strategic plan of organic growth, acquisitions and international expansion."
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