RMEC Group Limited sold to Centurion Group for undisclosed sum

Glasgow-based venture capitalist firm Maven Capital Partners has announced the sale of energy services specialist RMEC Group Limited to Aberdeen-based Centurion Group, generating a 2.26x blended return for investors.

RMEC Group Limited sold to Centurion Group for undisclosed sum

Ewan MacKinnon

RMEC is a provider of managed solutions for the oil & gas intervention and decommissioning sectors. The business specialises in the manufacture, maintenance, repair, testing, recertification and rental of well services equipment for many of the industry’s largest service companies.

Maven originally led the management buy-in of RMEC in 2014 with the transaction funded by the Maven VCTs and through Maven’s co-investment network for professional clients, ‘Maven Investor Partners’. This saw Bryan Fagan joining the business as managing director, while Ian McPherson was also appointed as chairman, having previously been MD at MS Industrial Services and Nessco; former portfolio companies which Maven had exited for a money multiple return of 3.5x and 3.7x respectively.

Despite the oil and gas downturn in 2015-16 and the recent Covid pandemic, RMEC has continued to perform strongly, adding a number of new blue-chip customers and agreeing long term master service agreements with key North Sea operators and service companies.

Ewan MacKinnon, partner at Maven, said: “The sale of RMEC represents a good return for our investors. The business has performed well during the time of our investment and the work Bryan and his senior team have put in to transitioning RMEC into a larger and more valuable company has been impressive. The sale to Centurion Group is a complementary fit for RMEC with significant opportunities for both businesses to explore. We wish the company well as it embarks on the next stage of its growth.”

Bryan Fagan, managing director at RMEC, added: “I am delighted that RMEC is joining Centurion, a group with a reputation for equipment rental and service excellence to the critical industries. As part of Centurion, we look forward to the increased global reach our business will have, and serving our customers in the decommissioning industry and beyond with even greater access to safe, efficient, and sustainable equipment solutions.”

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