News Room
May 2007
Aberdeen Asset Managers Growth Capital backs ATR Group BIMBO
Aberdeen Asset Managers Growth Capital (“Aberdeen” “AAMGC”) has backed the Buy-in Management buy-out (“BIMBO”) of ATR Group, a market leader in the rental of specialised tools and equipment for the offshore oil and gas industry.
ATR Group comprises five separate companies which provide a comprehensive range of specialist and certified tools and equipment for rental, plus a supporting range of services and products. The companies in the group are Aberdeen Tool Rental, ATR Plant Services, ATR Hydraulics, ATR Engineering and ATR Industrial Supplies. Based in Aberdeen, ATR Group has a turnover in excess of £12m and employs 85 people.
The MBI team is led by Robert Skidmore who until recently was Managing Director of William Wilson, the multi-site builders’ merchant which was sold to Wolseley plc in 2005. Alongside Robert is Operations Director Keith Moorhouse, formerly a Regional Managing Director with BSS Group plc. The team is aiming to double turnover in the next 3 years and increase the workforce through expansion in the UK and overseas with target areas including the East of England, the Caspian and the Far East.
Aberdeen provided £3.9m of equity funding in support of the transaction with Royal Bank of Scotland providing acquisition funding, working capital and on-going capital expenditure facilities. Jock Gardiner led the transaction on behalf of AAMGC.
Robert Skidmore, Managing Director, ATR Group commented:
"We were attracted to ATR by its strong brand and reputation and as a result, its strong growth potential. Following rapid and consistent growth over the years, there are significant opportunities both here in the UK and overseas for ATR to exploit. The investment from Aberdeen will enable us to exploit those opportunities and achieve our growth plans for the business.”
Jock Gardiner, Investment Director, Growth Capital, commented:
"IWe have been impressed with the growth plans that Robert and Keith have in mind for ATR and are delighted to back such a capable management team. ATR is a quality business renowned for its excellent customer service standards and AAMGC see great potential for it to continue to develop as the leader in its sector.”
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